MYR Group, Inc. $MYRG Stock Position Reduced by Thornburg Investment Management Inc.

Thornburg Investment Management Inc. lessened its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 35.8% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 53,070 shares of the utilities provider’s stock after selling 29,626 shares during the quarter. Thornburg Investment Management Inc.’s holdings in MYR Group were worth $11,596,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in MYR Group by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after buying an additional 47 shares during the last quarter. Bank of Montreal Can lifted its holdings in MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after buying an additional 50 shares during the last quarter. Signaturefd LLC lifted its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the last quarter. Great Lakes Advisors LLC lifted its holdings in MYR Group by 0.6% during the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock worth $2,530,000 after buying an additional 66 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in MYR Group by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider’s stock worth $656,000 after buying an additional 92 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director directly owned 18,631 shares in the company, valued at $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 available through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’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 value of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. 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 Price Performance

Shares of MYR Group stock opened at $445.72 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The business’s 50 day simple moving average is $396.45 and its 200-day simple moving average is $300.90. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a twelve month low of $159.61 and a twelve month high of $484.71.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.45 EPS. Equities research analysts forecast that MYR Group, Inc. will post 10.92 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. Robert W. Baird set a $373.00 target price on MYR Group in a report on Thursday, April 30th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, The Goldman Sachs Group increased their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and an average target price of $358.17.

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.