WINTON GROUP Ltd Reduces Stock Position in MYR Group, Inc. $MYRG

WINTON GROUP Ltd lowered its stake in MYR Group, Inc. (NASDAQ:MYRG) by 37.7% during the 4th quarter, HoldingsChannel reports. The firm owned 2,599 shares of the utilities provider’s stock after selling 1,574 shares during the period. WINTON GROUP Ltd’s holdings in MYR Group were worth $568,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. Fisher Asset Management LLC grew its position in shares of MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after purchasing an additional 4,203 shares during the period. Teton Advisors LLC acquired a new stake in shares of MYR Group in the third quarter valued at about $1,248,000. Geode Capital Management LLC grew its position in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after purchasing an additional 13,511 shares during the period. Finally, Citigroup Inc. grew its position in shares of MYR Group by 66.3% in the third quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after purchasing an additional 9,911 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $407.22 on Thursday. The company’s 50-day moving average price is $390.46 and its 200-day moving average price is $297.69. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The company has a market cap of $6.34 billion, a P/E ratio of 44.90 and a beta of 1.32. MYR Group, Inc. has a twelve month low of $158.48 and a twelve month high of $484.71.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share 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 company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period last year, the firm posted $1.45 earnings per share. On average, sell-side analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated 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 directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MYRG shares. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. The Goldman Sachs Group lifted their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Finally, Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Company 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.