Moody Aldrich Partners LLC Sells 4,345 Shares of MYR Group, Inc. $MYRG

Moody Aldrich Partners LLC trimmed its stake in MYR Group, Inc. (NASDAQ:MYRG) by 16.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 21,433 shares of the utilities provider’s stock after selling 4,345 shares during the quarter. Moody Aldrich Partners LLC owned 0.14% of MYR Group worth $4,459,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Maseco LLP bought a new position in MYR Group in the 2nd quarter worth about $28,000. Quarry LP lifted its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after buying an additional 179 shares in the last quarter. MAI Capital Management lifted its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of MYR Group during the second quarter valued at approximately $34,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of MYR Group during the second quarter valued at approximately $34,000. 88.90% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MYRG shares. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research report on Monday. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Finally, Stifel Nicolaus upped their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, MYR Group has an average rating of “Hold” and an average price target of $201.67.

Insider Activity

In related news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG opened at $218.50 on Thursday. The firm has a market capitalization of $3.39 billion, a P/E ratio of 35.30 and a beta of 1.20. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The business has a fifty day moving average of $222.57 and a 200 day moving average of $200.12.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the firm posted $0.65 earnings per share. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current year.

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.