Cibc World Market Inc. Buys Shares of 3,853 MYR Group, Inc. $MYRG

Cibc World Market Inc. bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,853 shares of the utilities provider’s stock, valued at approximately $1,928,000.

Other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC raised its stake in shares of MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after purchasing an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares during the last quarter. Cetera Investment Advisers acquired a new stake in shares of MYR Group in the second quarter worth about $221,000. Finally, Invesco Ltd. boosted its position in MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after purchasing an additional 32,544 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

MYRG opened at $312.83 on Thursday. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The firm has a market capitalization of $4.87 billion, a PE ratio of 29.68 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The business’s 50-day simple moving average is $387.18 and its 200 day simple moving average is $359.85.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion for 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 quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.70 EPS. As a group, sell-side analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group 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 transaction, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent analyst reports. Jefferies Financial Group set a $392.00 target price on MYR Group in a research note on Friday, July 10th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a report on Thursday, July 30th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Finally, The Goldman Sachs Group reduced their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

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.