Royal Bank of Canada Has $25.18 Million Stake in MYR Group, Inc. $MYRG

Royal Bank of Canada reduced its position in MYR Group, Inc. (NASDAQ:MYRG) by 11.4% during the first quarter, Holdings Channel.com reports. The firm owned 89,192 shares of the utilities provider’s stock after selling 11,461 shares during the quarter. Royal Bank of Canada’s holdings in MYR Group were worth $25,181,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of MYRG. Vanguard Group Inc. increased its stake in MYR Group by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock valued at $103,068,000 after buying an additional 21,304 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after buying an additional 8,695 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald lifted their price target on 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 lowered MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Finally, Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $426.00.

MYR Group Stock Performance

NASDAQ MYRG opened at $340.33 on Wednesday. The company has a fifty day moving average price of $426.04 and a 200-day moving average price of $351.65. The firm has a market cap of $5.30 billion, a price-to-earnings ratio of 32.29 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same period last year, the firm earned $1.70 earnings per share. The firm’s revenue was up 20.1% on a year-over-year basis. As a group, equities research analysts predict that MYR Group, Inc. will post 11.59 EPS for the current fiscal year.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’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 value of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% 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.