MYR Group, Inc. $MYRG Shares Sold by NewEdge Advisors LLC

NewEdge Advisors LLC cut its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 98.2% during the first quarter, Holdings Channel reports. The firm owned 92 shares of the utilities provider’s stock after selling 5,100 shares during the quarter. NewEdge Advisors LLC’s holdings in MYR Group were worth $26,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in MYRG. Farther Finance Advisors LLC boosted its stake in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC increased its stake in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares during the period. Acumen Wealth Advisors LLC purchased a new stake in MYR Group during the 4th quarter worth approximately $35,000. Hantz Financial Services Inc. increased its stake in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in MYR Group during the 4th quarter worth approximately $66,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insiders Place Their Bets

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction 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 sale, 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated 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 of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Robert W. Baird set a $375.00 target price on MYR Group in a report on Thursday, July 30th. Finally, The Goldman Sachs Group lowered their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

MYR Group Stock Down 1.1%

Shares of MYR Group stock opened at $309.39 on Friday. 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, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The company has a market capitalization of $4.82 billion, a P/E ratio of 29.35 and a beta of 1.34. The company has a 50 day moving average of $384.14 and a 200 day moving average of $360.13.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS 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 company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period in the prior year, the firm posted $1.70 EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. As a group, research analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

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.