SEB Asset Management AB Makes New $533,000 Investment in MYR Group, Inc. $MYRG

SEB Asset Management AB purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,887 shares of the utilities provider’s stock, valued at approximately $533,000.

Other hedge funds have also made changes to their positions in the company. Swiss National Bank lifted its holdings in MYR Group by 0.3% in the 1st quarter. Swiss National Bank now owns 30,700 shares of the utilities provider’s stock worth $8,667,000 after purchasing an additional 100 shares during the last quarter. Hillsdale Investment Management Inc. boosted its position in MYR Group by 4.8% during the first quarter. Hillsdale Investment Management Inc. now owns 32,890 shares of the utilities provider’s stock worth $9,286,000 after purchasing an additional 1,500 shares during the period. Fifth Third Bancorp grew its holdings in MYR Group by 3,075.0% during the first quarter. Fifth Third Bancorp now owns 3,810 shares of the utilities provider’s stock valued at $1,076,000 after purchasing an additional 3,690 shares during the last quarter. Hsbc Holdings PLC grew its holdings in MYR Group by 45.5% during the first quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock valued at $2,542,000 after purchasing an additional 2,856 shares during the last quarter. Finally, Abel Hall LLC raised its position in shares of MYR Group by 21.0% in the first quarter. Abel Hall LLC now owns 1,680 shares of the utilities provider’s stock valued at $474,000 after purchasing an additional 291 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction 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 completion of the sale, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction 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 sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents 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 corporate insiders.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $379.17 on Friday. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a market cap of $5.90 billion, a P/E ratio of 41.80 and a beta of 1.31. The business’s 50 day moving average is $441.22 and its two-hundred day moving average is $345.43. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.45 earnings per share. On average, equities analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

Wall Street Analyst Weigh In

MYRG has been the subject of a number of analyst reports. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Cantor Fitzgerald raised their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $389.83.

About MYR Group

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.