Wellington Management Group LLP Trims Stock Holdings in MYR Group, Inc. $MYRG

Wellington Management Group LLP lowered its stake in MYR Group, Inc. (NASDAQ:MYRG) by 50.6% during the second quarter, HoldingsChannel reports. The institutional investor owned 318,333 shares of the utilities provider’s stock after selling 325,995 shares during the quarter. Wellington Management Group LLP’s holdings in MYR Group were worth $159,294,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MYRG. Empowered Funds LLC acquired a new stake in shares of MYR Group during the second quarter valued at about $281,000. Caitlin John LLC acquired a new position in shares of MYR Group in the 2nd quarter worth approximately $790,000. Public Employees Retirement System of Ohio acquired a new position in shares of MYR Group in the 2nd quarter worth approximately $3,454,000. Capstone Investment Advisors LLC purchased a new position in shares of MYR Group during the 2nd quarter worth approximately $484,000. Finally, Corient Private Wealth LP purchased a new position in shares of MYR Group during the 2nd quarter worth approximately $4,538,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG stock opened at $291.42 on Tuesday. The business’s 50-day moving average is $376.97 and its two-hundred day moving average is $360.46. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market capitalization of $4.54 billion, a P/E ratio of 27.65 and a beta of 1.34. 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 data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the company posted $1.70 earnings per share. The business’s revenue for the quarter was up 20.1% on a year-over-year basis. Analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Robert W. Baird set a $375.00 target price on MYR Group in a research report on Thursday, July 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Cantor Fitzgerald raised their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Stifel Nicolaus set a $503.00 price target 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 assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $451.20.

Insider Buying and Selling

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred 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 sale, the director directly owned 18,631 shares in the company, valued at approximately $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 owned by 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.