Raymond James Financial Services Advisors Inc. Makes New $274,000 Investment in MYR Group Inc. (NASDAQ:MYRG)

Raymond James Financial Services Advisors Inc. acquired a new stake in MYR Group Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,979 shares of the utilities provider’s stock, valued at approximately $274,000.

A number of other hedge funds have also made changes to their positions in the business. Citigroup Inc. boosted its position in shares of MYR Group by 1.7% in the 1st quarter. Citigroup Inc. now owns 24,928 shares of the utilities provider’s stock valued at $2,345,000 after purchasing an additional 420 shares during the period. MetLife Investment Management LLC boosted its position in shares of MYR Group by 60.4% in the 1st quarter. MetLife Investment Management LLC now owns 8,853 shares of the utilities provider’s stock valued at $833,000 after purchasing an additional 3,332 shares during the period. Rhumbline Advisers boosted its position in shares of MYR Group by 2.3% in the 1st quarter. Rhumbline Advisers now owns 42,488 shares of the utilities provider’s stock valued at $3,996,000 after purchasing an additional 941 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of MYR Group by 14.1% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 14,544 shares of the utilities provider’s stock valued at $1,368,000 after purchasing an additional 1,794 shares during the period. Finally, BlackRock Inc. boosted its position in shares of MYR Group by 2.7% in the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock valued at $274,868,000 after purchasing an additional 77,662 shares during the period. Hedge funds and other institutional investors own 86.29% of the company’s stock.

Insider Activity at MYR Group

In related news, VP William Fry sold 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $145.05, for a total value of $507,675.00. Following the completion of the transaction, the vice president now directly owns 6,434 shares of the company’s stock, valued at approximately $933,251.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other MYR Group news, CEO Richard S. Jr. Swartz sold 18,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $143.21, for a total transaction of $2,577,780.00. Following the completion of the transaction, the chief executive officer now owns 118,836 shares of the company’s stock, valued at $17,018,503.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Fry sold 3,500 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $145.05, for a total value of $507,675.00. Following the transaction, the vice president now directly owns 6,434 shares of the company’s stock, valued at approximately $933,251.70. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.

MYR Group Stock Down 1.6 %

MYRG opened at $117.02 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.39 and a quick ratio of 1.39. The business has a 50 day simple moving average of $132.01 and a 200-day simple moving average of $135.13. The stock has a market capitalization of $1.96 billion, a P/E ratio of 21.47 and a beta of 1.07. MYR Group Inc. has a 12 month low of $84.75 and a 12 month high of $156.63.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 25th. The utilities provider reported $1.28 earnings per share for the quarter, missing the consensus estimate of $1.30 by ($0.02). MYR Group had a net margin of 2.61% and a return on equity of 15.46%. The firm had revenue of $939.50 million during the quarter, compared to analysts’ expectations of $877.48 million. During the same period in the previous year, the business earned $1.09 earnings per share. The business’s revenue for the quarter was up 17.5% on a year-over-year basis.

Analyst Ratings Changes

A number of research firms have weighed in on MYRG. Sidoti raised MYR Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 17th. StockNews.com cut MYR Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Finally, Robert W. Baird increased their price objective on MYR Group from $147.00 to $170.00 in a research report on Thursday, July 27th.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.