MYR Group, Inc. $MYRG Stock Position Increased by Russell Investments Group Ltd.
Russell Investments Group Ltd. increased its holdings in MYR Group, Inc. by 22.4% in Q2, owning 75,878 shares worth $13.77 million. Other investors also boosted their positions. MYR Group's stock opened at $216.65, with a market cap of $3.36 billion. Analysts have mixed ratings, with a consensus target price of $201.67.
Russell Investments Group Ltd. grew its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 22.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,878 shares of the utilities provider's stock after buying an additional 13,889 shares during the period. Russell Investments Group Ltd. owned 0.49% of MYR Group worth $13,768,000 as of its most recent filing with the Securities and Exchange Commission.
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A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of MYR Group by 214.6% in 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 worth $34,215,000 after buying an additional 206,369 shares in the last quarter. Bank of New York Mellon Corp grew its position in MYR Group by 97.4% during the 2nd 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 in the last quarter. Nuveen LLC acquired a new position in MYR Group during the first quarter valued at $18,511,000. Hawk Ridge Capital Management LP boosted its holdings in shares of MYR Group by 30.1% during the first quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider's stock worth $33,750,000 after purchasing an additional 69,100 shares during the period. Finally, Boston Partners grew its holdings in shares of MYR Group by 70.0% during the 2nd quarter. Boston Partners now owns 151,839 shares of the utilities provider's stock valued at $27,553,000 after acquiring an additional 62,515 shares in the last quarter. Institutional investors own 88.90% of the company's stock.
MYR Group Price Performance
NASDAQ:MYRG opened at $216.65 on Tuesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The company has a fifty day moving average price of $213.17 and a 200 day moving average price of $190.88. The stock has a market cap of $3.36 billion, a P/E ratio of 35.00 and a beta of 1.24.
MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.MYR Group's revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.65 earnings per share. Analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of analysts have issued reports on the stock. Stifel Nicolaus lifted their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. The Goldman Sachs Group upped their target price on MYR Group from $205.00 to $248.00 and gave the stock a "neutral" rating in a research report on Friday, November 14th. Weiss Ratings reiterated a "hold (c+)" rating on shares of MYR Group in a report on Tuesday, November 25th. KeyCorp restated a "sector weight" rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Monday, November 17th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $201.67.
Check Out Our Latest Analysis on MYR Group
Insider Transactions at MYR Group
In other MYR Group 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 completion of the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is owned by company insiders.
About MYR Group
(Free Report)MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.
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