Bank of Montreal Can raised its holdings in MYR Group Inc (NASDAQ:MYRG) by 386.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,168 shares of the utilities provider’s stock after buying an additional 4,106 shares during the period. Bank of Montreal Can’s holdings in MYR Group were worth $179,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Quantamental Technologies LLC acquired a new position in shares of MYR Group during the 4th quarter worth about $28,000. BNP Paribas Arbitrage SA increased its stake in shares of MYR Group by 698.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 2,939 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after purchasing an additional 4,828 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in shares of MYR Group during the 1st quarter worth about $215,000. Finally, Oregon Public Employees Retirement Fund acquired a new position in shares of MYR Group during the 4th quarter worth about $177,000. Hedge funds and other institutional investors own 89.56% of the company’s stock.

In related news, Director Gary Ronald Johnson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $36.00, for a total value of $72,000.00. Following the transaction, the director now owns 21,424 shares in the company, valued at approximately $771,264. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Gerald B. Jr. Engen sold 2,877 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.52, for a total transaction of $105,068.04. Following the completion of the transaction, the senior vice president now owns 48,736 shares in the company, valued at approximately $1,779,838.72. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by corporate insiders.

MYRG has been the topic of several recent analyst reports. BidaskClub upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a research note on Friday, February 15th. Robert W. Baird set a $34.00 price objective on shares of MYR Group and gave the stock a “hold” rating in a research note on Thursday, March 7th. Zacks Investment Research upgraded shares of MYR Group from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Saturday, March 9th. ValuEngine lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, Stifel Nicolaus upgraded shares of MYR Group from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $32.00 to $39.00 in a research note on Thursday, May 16th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $37.25.

MYR Group stock opened at $32.29 on Monday. The stock has a market cap of $547.29 million, a PE ratio of 17.27 and a beta of 0.64. MYR Group Inc has a fifty-two week low of $26.24 and a fifty-two week high of $40.81. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The business had revenue of $468.10 million for the quarter, compared to analyst estimates of $395.83 million. During the same quarter in the prior year, the business earned $0.34 EPS. MYR Group’s quarterly revenue was up 35.4% on a year-over-year basis. Research analysts expect that MYR Group Inc will post 2.36 EPS for the current fiscal year.

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MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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