Insider Selling: MYR Group (NASDAQ:MYRG) Director Sells $6,596,852.75 in Stock

MYR Group, Inc. (NASDAQ:MYRG) Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

MYR Group Stock Performance

Shares of MYRG opened at $445.66 on Friday. The company has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a one year low of $158.48 and a one year high of $484.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The company’s fifty day moving average price is $381.31 and its 200 day moving average price is $292.78.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for 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% on a year-over-year basis. During the same quarter last year, the firm posted $1.45 EPS. As a group, analysts expect that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada boosted its position in shares of MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after acquiring an additional 2,205 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $221,000. Finally, Invesco Ltd. boosted its position in shares of MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after acquiring an additional 32,544 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on MYRG shares. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald raised their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. The Goldman Sachs Group raised their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Two investment 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $358.17.

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.