MYR Group, Inc. $MYRG is Next Century Growth Investors LLC’s 10th Largest Position

Next Century Growth Investors LLC lessened its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 19.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 132,496 shares of the utilities provider’s stock after selling 32,521 shares during the period. MYR Group makes up 2.0% of Next Century Growth Investors LLC’s holdings, making the stock its 10th biggest position. Next Century Growth Investors LLC’s holdings in MYR Group were worth $28,950,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its holdings in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Acumen Wealth Advisors LLC purchased a new position in shares of MYR Group during the fourth quarter worth $35,000. Signaturefd LLC raised its holdings in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 160 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in MYR Group during the fourth quarter valued at $66,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 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 SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts recently commented on MYRG shares. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday. The Goldman Sachs Group lifted their target price on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Price Performance

MYR Group stock opened at $445.72 on Friday. The company’s 50 day simple moving average is $396.45 and its 200-day simple moving average is $300.28. The company 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 1 year low of $159.61 and a 1 year high of $484.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

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