Trillium Asset Management LLC Trims Stock Position in MYR Group, Inc. $MYRG

by · The Markets Daily

Trillium Asset Management LLC lowered its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG – Free Report) by 41.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 52,408 shares of the utilities provider’s stock after selling 37,789 shares during the quarter. Trillium Asset Management LLC’s holdings in MYR Group were worth $11,727,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its position in shares of MYR Group by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after purchasing an additional 47 shares during the last quarter. Bank of Montreal Can increased its position in shares of MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after purchasing an additional 50 shares during the last quarter. Signaturefd LLC increased its position in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the last quarter. Great Lakes Advisors LLC increased its position in shares of MYR Group by 0.6% during the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock valued at $2,530,000 after purchasing an additional 66 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in shares of MYR Group by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider’s stock valued at $656,000 after purchasing an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 value of $6,596,852.75. Following the transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $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. Insiders own 1.90% of the company’s stock.

MYR Group Trading Up 4.9%

Shares of NASDAQ:MYRG opened at $445.72 on Friday. The stock has a 50 day moving average of $396.45 and a 200 day moving average of $300.28. The company has a market cap of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $159.61 and a 12-month high of $484.71.

MYR Group (NASDAQ:MYRG – Get Free Report) last announced its quarterly earnings data 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 company had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.45 EPS. As a group, equities research analysts expect that MYR Group, Inc. will post 10.59 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MYRG. The Goldman Sachs Group upped their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald boosted their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $358.17.

Get Our Latest Stock Analysis on MYRG

MYR Group Company Profile

(Free Report)

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.

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