Great Lakes Advisors LLC Acquires New Position in MYR Group, Inc. $MYRG

Great Lakes Advisors LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,178 shares of the utilities provider’s stock, valued at approximately $3,592,000.

A number of other hedge funds also recently added to or reduced their stakes in MYRG. BlackRock Inc. acquired a new stake in shares of MYR Group during the 2nd quarter valued at approximately $1,232,294,000. Wellington Management Group LLP grew its holdings in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after acquiring an additional 396,502 shares during the period. Bank of New York Mellon Corp purchased a new position in MYR Group in the 2nd quarter valued at approximately $53,361,000. Invesco Ltd. increased its stake in MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after purchasing an additional 91,923 shares in the last quarter. Finally, Squarepoint Ops LLC raised its holdings in MYR Group by 274.9% during the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after purchasing an additional 89,044 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $318.00 on Friday. The company has a market cap of $4.95 billion, a PE ratio of 30.17 and a beta of 1.34. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company has a 50-day simple moving average of $398.41 and a 200-day simple moving average of $358.42.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. MYR Group’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.70 EPS. On average, equities analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, August 16th. Finally, The Goldman Sachs Group cut their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $451.20.

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.