9,069 Shares in MYR Group, Inc. $MYRG Acquired by Corient Private Wealth LP

Corient Private Wealth LP acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 9,069 shares of the utilities provider’s stock, valued at approximately $4,538,000.

Other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after purchasing an additional 2,205 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after purchasing an additional 1,437 shares in the last quarter. Cetera Investment Advisers purchased a new stake in shares of MYR Group during the second quarter valued at $221,000. Finally, Invesco Ltd. boosted its position in shares of MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after buying an additional 32,544 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. The Goldman Sachs Group lowered their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Trading Down 1.0%

MYR Group stock opened at $291.42 on Tuesday. The business has a 50-day simple moving average of $376.97 and a two-hundred day simple moving average of $360.46. The company has a market cap of $4.54 billion, a P/E ratio of 27.65 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 company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.70 EPS. Analysts predict that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Buying and Selling

In other 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 transaction of $6,596,852.75. Following the transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’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 sale, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

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.