36,917 Shares in MYR Group, Inc. $MYRG Acquired by Legal & General Group Plc

Legal & General Group Plc purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 36,917 shares of the utilities provider’s stock, valued at approximately $18,473,000. Legal & General Group Plc owned approximately 0.24% of MYR Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of MYRG. The Manufacturers Life Insurance Company acquired a new stake in shares of MYR Group in the second quarter valued at $3,791,000. Fiduciary Financial Advisors acquired a new stake in MYR Group in the 2nd quarter valued at about $51,000. Paradigm Capital Management Inc. NY bought a new position in shares of MYR Group in the second quarter worth about $4,003,000. Gallo Partners LP acquired a new position in shares of MYR Group during the second quarter worth approximately $653,000. Finally, Cibc World Market Inc. bought a new stake in shares of MYR Group during the second quarter valued at approximately $1,928,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

MYR Group stock opened at $294.42 on Monday. 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 firm has a market capitalization of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. The business has a 50-day moving average of $380.81 and a 200-day moving average of $360.30. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the company posted $1.70 EPS. MYR Group’s revenue for the quarter was up 20.1% on a year-over-year basis. On average, equities analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. The Goldman Sachs Group reduced their price objective on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

Insider Transactions at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction 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 $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

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.