44,991 Shares in MYR Group, Inc. $MYRG Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 44,991 shares of the utilities provider’s stock, valued at approximately $8,164,000. Arrowstreet Capital Limited Partnership owned about 0.29% of MYR Group as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Maseco LLP bought a new stake in MYR Group in the 2nd quarter worth approximately $28,000. MAI Capital Management grew its stake in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group during the second quarter valued at about $34,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group in the second quarter worth about $34,000. Finally, UMB Bank n.a. lifted its stake in shares of MYR Group by 266.0% in the 2nd quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after acquiring an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several recent analyst reports. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 17th. The Goldman Sachs Group upped their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Finally, Stifel Nicolaus lifted their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $201.67.

Insider Transactions at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of MYR Group 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 sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.80% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG opened at $226.50 on Thursday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The firm has a market capitalization of $3.52 billion, a P/E ratio of 36.59 and a beta of 1.20. The business has a fifty day moving average of $217.19 and a 200 day moving average of $193.84.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm 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 EPS. The company’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current year.

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.