Erste Asset Management GmbH Lowers Stake in MYR Group, Inc. $MYRG

Erste Asset Management GmbH lowered its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 19,698 shares of the utilities provider’s stock after selling 3,260 shares during the period. Erste Asset Management GmbH’s holdings in MYR Group were worth $4,382,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC boosted its position in MYR Group by 7.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 1,868 shares of the utilities provider’s stock valued at $408,000 after buying an additional 129 shares during the period. Cookson Peirce & Co. Inc. acquired a new stake in MYR Group during the 4th quarter worth $1,017,000. Neumeier Poma Investment Counsel LLC raised its stake in MYR Group by 1.6% during the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 201,539 shares of the utilities provider’s stock worth $44,036,000 after acquiring an additional 3,138 shares in the last quarter. State of Wyoming raised its stake in MYR Group by 41.8% during the 4th quarter. State of Wyoming now owns 1,482 shares of the utilities provider’s stock worth $324,000 after acquiring an additional 437 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in MYR Group by 83.5% in the fourth quarter. TD Asset Management Inc now owns 6,046 shares of the utilities provider’s stock valued at $1,321,000 after purchasing an additional 2,752 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on MYRG shares. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

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 transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

MYR Group Price Performance

MYRG opened at $423.44 on Wednesday. The company has a market cap of $6.59 billion, a P/E ratio of 46.69 and a beta of 1.32. The company has a 50 day moving average of $387.66 and a two-hundred day moving average of $296.26. 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, Inc. has a 52-week low of $158.48 and a 52-week high of $484.71.

MYR Group (NASDAQ:MYRG) last announced its earnings results 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 business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.45 earnings per share. On average, analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current year.

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.