Renaissance Technologies LLC Reduces Stake in MYR Group, Inc. $MYRG

Renaissance Technologies LLC reduced its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 10.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 66,300 shares of the utilities provider’s stock after selling 7,700 shares during the quarter. Renaissance Technologies LLC’s holdings in MYR Group were worth $18,718,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its holdings in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC raised 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 period. Acumen Wealth Advisors LLC bought a new stake in MYR Group in the fourth quarter worth $35,000. Signaturefd LLC boosted its stake in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the period. Finally, Hantz Financial Services Inc. boosted its stake in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MYRG has been the topic of several recent analyst reports. Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a research note on Friday, July 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Cantor Fitzgerald raised their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $390.17.

Insider Transactions at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business’s 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction dated 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 sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

MYR Group Trading Up 2.7%

Shares of MYRG opened at $330.84 on Friday. The firm has a market capitalization of $5.15 billion, a price-to-earnings ratio of 31.39 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a 50-day moving average of $432.97 and a 200 day moving average of $349.38.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 25.03% and a net margin of 4.13%.The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same period in the prior year, the business earned $1.70 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, research analysts expect that MYR Group, Inc. will post 11.43 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.