Great Lakes Advisors LLC Purchases Shares of 7,178 MYR Group, Inc. $MYRG

Great Lakes Advisors LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,178 shares of the utilities provider’s stock, valued at approximately $3,592,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in MYR Group during the 2nd quarter worth $1,232,294,000. Wellington Management Group LLP increased its position in shares of MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of MYR Group in the 2nd quarter valued at about $53,361,000. Invesco Ltd. lifted its holdings in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after purchasing an additional 91,923 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after purchasing an additional 89,044 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on MYRG. Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday, July 10th. Robert W. Baird set a $375.00 price objective on MYR Group in a report on Thursday, July 30th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Finally, Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Trading Down 2.5%

NASDAQ:MYRG opened at $318.00 on Friday. 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 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock’s 50 day simple moving average is $398.41 and its 200-day simple moving average is $358.42. The firm has a market cap of $4.95 billion, a P/E ratio of 30.17 and a beta of 1.34.

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, topping the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period last year, the company earned $1.70 earnings per share. Equities analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Buying and Selling at MYR Group

In other 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 sale, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The shares were 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 directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

About MYR Group

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.