Royal Bank of Canada Sells 11,461 Shares of MYR Group, Inc. $MYRG

Royal Bank of Canada cut its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 11.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 89,192 shares of the utilities provider’s stock after selling 11,461 shares during the quarter. Royal Bank of Canada owned approximately 0.57% of MYR Group worth $25,181,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MYRG. Bank of Montreal Can raised its position in shares of MYR Group by 0.8% during the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after acquiring an additional 50 shares during the last quarter. Captrust Financial Advisors lifted its stake in shares of MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after acquiring an additional 61 shares during the period. Cetera Investment Advisers boosted its holdings in MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock valued at $620,000 after acquiring an additional 62 shares during the last quarter. Signaturefd LLC boosted its holdings in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its position in MYR Group by 0.6% during the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock valued at $2,530,000 after purchasing an additional 66 shares during the period. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MYRG shares. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday, May 4th. Robert W. Baird set a $375.00 price objective on shares of MYR Group in a research report on Thursday, July 30th. Cantor Fitzgerald lifted their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average price target of $426.00.

MYR Group Price Performance

MYR Group stock opened at $340.33 on Wednesday. The stock has a market capitalization of $5.30 billion, a price-to-earnings ratio of 32.29 and a beta of 1.34. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The stock’s 50 day moving average price is $426.04 and its two-hundred day moving average price is $351.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data 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. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the business posted $1.70 EPS. MYR Group’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, equities analysts predict that MYR Group, Inc. will post 11.59 earnings per share for the current year.

Insiders Place Their Bets

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

MYR Group Company 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.