Gryphon Financial Partners LLC Sells 2,065 Shares of MYR Group, Inc. $MYRG

Gryphon Financial Partners LLC reduced its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 18.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,836 shares of the utilities provider’s stock after selling 2,065 shares during the period. Gryphon Financial Partners LLC owned approximately 0.06% of MYR Group worth $2,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wellington Management Group LLP grew its holdings in MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after acquiring an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of MYR Group in the 4th quarter worth $47,012,000. Invesco Ltd. boosted its position in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of MYR Group by 274.9% during the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after purchasing an additional 89,044 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of MYR Group during the second quarter worth $13,609,000. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MYRG has been the subject of a number of recent analyst reports. Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $389.83.

Insider Transactions at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’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 in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 stock was 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 approximately $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.

MYR Group Price Performance

MYRG opened at $391.51 on Friday. The stock has a market cap of $6.10 billion, a P/E ratio of 43.17 and a beta of 1.31. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The company has a fifty day simple moving average of $447.95 and a 200 day simple moving average of $339.28.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same period in the previous year, the company posted $1.45 earnings per share. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, research analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

MYR Group Company 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.