Sei Investments Co. Buys 7,129 Shares of MYR Group, Inc. $MYRG

Sei Investments Co. lifted its stake in MYR Group, Inc. (NASDAQ:MYRG) by 68.8% during the 1st quarter, Holdings Channel reports. The institutional investor owned 17,498 shares of the utilities provider’s stock after purchasing an additional 7,129 shares during the quarter. Sei Investments Co.’s holdings in MYR Group were worth $4,940,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in MYRG. Farther Finance Advisors LLC boosted its position in shares of MYR Group by 212.2% in the fourth 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 position in shares of 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 purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC purchased a new position in shares of MYR Group during the 4th quarter valued at $35,000. Signaturefd LLC boosted its holdings in MYR Group by 65.7% in the 4th 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 holdings in MYR Group by 271.2% in the 4th 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 owned by hedge funds and other institutional investors.

MYR Group Stock Down 1.9%

Shares of NASDAQ:MYRG opened at $333.77 on Thursday. The company has a market cap of $5.20 billion, a price-to-earnings ratio of 31.67 and a beta of 1.34. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The company has a 50-day moving average price of $423.28 and a 200 day moving average price of $352.28.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.70 earnings per share. As a group, equities research analysts predict that MYR Group, Inc. will post 11.99 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MYRG. Cantor Fitzgerald upped their price objective on 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 cut MYR Group from a “strong-buy” rating to a “hold” rating in a report on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $426.00.

Insider Activity

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 completion of the transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

MYR Group 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.