Bank of New York Mellon Corp Sells 7,248 Shares of MYR Group, Inc. $MYRG

Bank of New York Mellon Corp lessened its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 126,723 shares of the utilities provider’s stock after selling 7,248 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.81% of MYR Group worth $35,776,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in shares of MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares during the period. AQR Capital Management LLC increased its holdings in shares of MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after acquiring an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares during the period. Cetera Investment Advisers bought a new stake in MYR Group in the 2nd quarter valued at $221,000. Finally, Invesco Ltd. lifted its holdings in MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after purchasing an additional 32,544 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MYRG has been the subject of a number of research analyst reports. Robert W. Baird set a $373.00 price objective 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 report on Monday, May 4th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. One 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 company. According to MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $389.83.

MYR Group Trading Down 6.9%

Shares of MYR Group stock opened at $379.17 on Friday. The firm has a 50-day moving average of $441.22 and a 200-day moving average of $345.43. The stock has a market cap of $5.90 billion, a PE 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. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business 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 earnings per share. MYR Group’s revenue was up 20.0% compared to the same quarter last year. As a group, sell-side analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

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 that occurred on 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 transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares in the company, 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. Insiders own 1.90% of the company’s stock.

About MYR Group

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.