Peregrine Capital Management LLC Decreases Stock Holdings in MYR Group, Inc. $MYRG

Peregrine Capital Management LLC reduced its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.7% in the third quarter, HoldingsChannel reports. The institutional investor owned 59,395 shares of the utilities provider’s stock after selling 10,274 shares during the quarter. Peregrine Capital Management LLC’s holdings in MYR Group were worth $12,356,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its position in shares of MYR Group by 12.7% in the second quarter. Fisher Asset Management LLC now owns 446,199 shares of the utilities provider’s stock valued at $80,963,000 after acquiring an additional 50,148 shares during the period. Bank of New York Mellon Corp grew its stake in shares of MYR Group by 97.4% in the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock valued at $34,215,000 after purchasing an additional 206,369 shares during the period. Goldman Sachs Group Inc. increased its holdings in MYR Group by 0.7% during the 1st 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 during the period. Finally, Bank of America Corp DE raised its position in MYR Group by 13.3% during the 2nd quarter. Bank of America Corp DE now owns 180,522 shares of the utilities provider’s stock valued at $32,756,000 after purchasing an additional 21,236 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Insider Transactions at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.80% of the company’s stock.

MYR Group Trading Down 6.0%

NASDAQ MYRG opened at $221.80 on Friday. MYR Group, Inc. has a 12 month low of $97.72 and a 12 month high of $241.13. The stock’s fifty day moving average price is $223.87 and its 200-day moving average price is $202.44. The stock has a market cap of $3.44 billion, a P/E ratio of 35.83 and a beta of 1.18. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on MYRG shares. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. The Goldman Sachs Group increased their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus increased their target price on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $201.67.

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.