Fifth Third Bancorp Boosts Holdings in MYR Group, Inc. $MYRG

Fifth Third Bancorp increased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 3,075.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,810 shares of the utilities provider’s stock after acquiring an additional 3,690 shares during the quarter. Fifth Third Bancorp’s holdings in MYR Group were worth $1,076,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Wellington Management Group LLP increased its position in MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after buying an additional 396,502 shares during the period. Fisher Asset Management LLC increased its position in MYR Group by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after buying an additional 21,304 shares during the period. Geode Capital Management LLC lifted its stake in 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 buying an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of MYR Group by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after acquiring an additional 8,695 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Down 6.9%

MYR Group stock opened at $379.17 on Friday. The stock’s 50 day moving average price is $441.22 and its 200 day moving average price is $345.43. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a market cap of $5.90 billion, a PE ratio of 41.80 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31.

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

Analyst Ratings Changes

MYRG has been the topic of a number of research reports. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Finally, Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $389.83.

Insider Transactions at MYR Group

In other MYR Group 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 value of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred 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 sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

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.