Legal & General Group Plc Acquires Shares of 36,917 MYR Group, Inc. $MYRG

Legal & General Group Plc acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 36,917 shares of the utilities provider’s stock, valued at approximately $18,473,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of MYR Group during the 2nd quarter worth approximately $1,232,294,000. Vanguard Group Inc. boosted its position in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after purchasing an additional 40,164 shares during the period. Wellington Management Group LLP boosted its position in MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares during the period. Fisher Asset Management LLC increased its holdings 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 purchasing an additional 21,304 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after purchasing an additional 13,511 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on MYRG shares. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th. Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday, July 10th. Finally, Cantor Fitzgerald upped their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Two equities research 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Performance

Shares of MYR Group stock opened at $294.42 on Monday. 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 firm has a 50-day moving average of $380.81 and a 200-day moving average of $360.30. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The stock has a market cap of $4.58 billion, a PE ratio of 27.93 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping 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 business 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. MYR Group’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, sell-side analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm’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 transaction of $6,596,852.75. Following the transaction, the director directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 completion of the sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

MYR Group 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.