Allspring Global Investments Holdings LLC Has $3.27 Million Stock Position in MYR Group, Inc. $MYRG

Allspring Global Investments Holdings LLC lessened its stake in MYR Group, Inc. (NASDAQ:MYRG) by 49.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 11,314 shares of the utilities provider’s stock after selling 11,197 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.07% of MYR Group worth $3,273,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bank of Montreal Can lifted its position in shares of MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after buying an additional 50 shares during the last quarter. Captrust Financial Advisors increased its holdings in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after acquiring an additional 61 shares during the last quarter. Cetera Investment Advisers lifted its holdings in MYR Group by 2.2% in the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after purchasing an additional 62 shares during the last quarter. Signaturefd LLC boosted its position in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the period. Finally, Great Lakes Advisors LLC boosted its position in MYR Group by 0.6% during the fourth quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock worth $2,530,000 after purchasing an additional 66 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Down 6.9%

NASDAQ:MYRG opened at $379.17 on Friday. The stock’s fifty day moving average price is $441.22 and its two-hundred day moving average price is $345.43. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market cap of $5.90 billion, a price-to-earnings ratio of 41.80 and a beta of 1.31. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the company posted $1.45 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. On average, analysts anticipate that MYR Group, Inc. will post 11.43 EPS for the current year.

Analyst Ratings Changes

MYRG has been the topic of a number of recent analyst reports. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a report on Thursday, April 30th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and an average price target of $389.83.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were 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 $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

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.