Renaissance Technologies LLC Cuts Stock Holdings in MYR Group, Inc. $MYRG

Renaissance Technologies LLC lowered its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 10.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,300 shares of the utilities provider’s stock after selling 7,700 shares during the period. Renaissance Technologies LLC owned approximately 0.43% of MYR Group worth $18,718,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC grew its position in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC purchased a new stake in MYR Group during the 4th quarter valued at $35,000. Signaturefd LLC lifted its holdings in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the period. Finally, Hantz Financial Services Inc. lifted its holdings in shares of MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MYRG has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Robert W. Baird set a $375.00 price target on MYR Group in a research note on Thursday. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Finally, Cantor Fitzgerald raised their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $390.17.

MYR Group Trading Up 2.7%

Shares of NASDAQ:MYRG opened at $330.84 on Friday. The stock has a 50 day moving average of $432.97 and a 200 day moving average of $349.38. The company has a market cap of $5.15 billion, a PE ratio of 31.39 and a beta of 1.31. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 25.03%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.70 earnings per share. As a group, equities research analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.