MYR Group (NASDAQ:MYRG) Releases Quarterly Earnings Results, Beats Estimates By $0.55 EPS

MYR Group (NASDAQ:MYRG) posted its quarterly earnings results on Wednesday. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55, FiscalAI reports. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million.

MYR Group Trading Down 5.5%

Shares of MYRG stock traded down $18.66 on Wednesday, hitting $322.06. The company had a trading volume of 499,405 shares, compared to its average volume of 280,280. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market cap of $5.01 billion, a P/E ratio of 35.51 and a beta of 1.31. The stock’s 50-day moving average is $437.60 and its two-hundred day moving average is $347.91.

Analyst Ratings Changes

MYRG has been the topic of a number of recent analyst reports. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. One equities research 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. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $389.83.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction 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 completion of the sale, the director directly 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its stake in MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares in the last quarter. AQR Capital Management LLC grew its stake in MYR Group by 124.5% in the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of MYR Group during the second quarter valued at approximately $221,000. Finally, Invesco Ltd. raised its position in shares of 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. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.