Ensign Peak Advisors Inc Sells 1,050 Shares of MYR Group, Inc. $MYRG

Ensign Peak Advisors Inc decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,995 shares of the utilities provider’s stock after selling 1,050 shares during the period. Ensign Peak Advisors Inc’s holdings in MYR Group were worth $1,088,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. HB Wealth Management LLC bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $224,000. Vanguard Personalized Indexing Management LLC purchased a new stake in MYR Group during the second quarter worth $211,000. Allspring Global Investments Holdings LLC grew its position in shares of MYR Group by 29.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock worth $8,797,000 after buying an additional 11,107 shares during the last quarter. Nuveen LLC acquired a new position in shares of MYR Group during the first quarter worth $18,511,000. Finally, Ballentine Partners LLC purchased a new stake in MYR Group in the second quarter valued at about $228,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MYR Group

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 stock was 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 owned 5,797 shares in the company, valued at $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

MYR Group Price Performance

MYRG stock opened at $235.24 on Friday. The business’s fifty day moving average price is $212.62 and its 200 day moving average price is $190.32. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $241.13. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $3.65 billion, a PE ratio of 38.00 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the previous year, the firm posted $0.65 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MYRG. Stifel Nicolaus upped their target price on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. The Goldman Sachs Group raised their price objective on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday, November 17th. Finally, Jefferies Financial Group began coverage on MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group has a consensus rating of “Hold” and a consensus target price of $201.67.

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 electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.