Kenneth Michael Hartwick Sells 3,500 Shares of MYR Group (NASDAQ:MYRG) Stock

MYR Group, Inc. (NASDAQ:MYRG) Director Kenneth Michael Hartwick sold 3,500 shares of the 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 transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

MYR Group Stock Performance

Shares of MYRG stock opened at $445.66 on Friday. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. The stock has a 50 day simple moving average of $381.31 and a 200-day simple moving average of $292.78. MYR Group, Inc. has a 12-month low of $158.48 and a 12-month high of $484.71. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the business posted $1.45 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, equities analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current year.

Analyst Upgrades and Downgrades

MYRG has been the subject of several research analyst reports. The Goldman Sachs Group raised their price objective on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $358.17.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently bought and sold shares of MYRG. Farther Finance Advisors LLC grew its holdings in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the last quarter. Parallel Advisors LLC grew its holdings in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new stake in MYR Group during the 4th quarter valued at $35,000. Signaturefd LLC grew its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.