Insider Selling: MYR Group (NASDAQ:MYRG) COO Sells $676,860.00 in Stock

MYR Group, Inc. (NASDAQ:MYRG) COO Don Egan sold 2,900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this link.

MYR Group Trading Up 0.0%

NASDAQ:MYRG opened at $233.48 on Friday. The company has a market capitalization of $3.62 billion, a PE ratio of 37.72 and a beta of 1.24. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $241.13. The stock’s 50 day moving average price is $200.08 and its 200 day moving average price is $181.51. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14.

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

Hedge Funds Weigh In On MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Teacher Retirement System of Texas purchased a new position in shares of MYR Group during the 1st quarter worth approximately $267,000. DekaBank Deutsche Girozentrale grew its holdings in MYR Group by 43.3% during the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider’s stock worth $186,000 after acquiring an additional 490 shares during the period. CWM LLC grew its holdings in MYR Group by 176.9% during the first quarter. CWM LLC now owns 1,293 shares of the utilities provider’s stock worth $146,000 after acquiring an additional 826 shares during the period. TimesSquare Capital Management LLC raised its position in MYR Group by 40.3% in the first quarter. TimesSquare Capital Management LLC now owns 168,257 shares of the utilities provider’s stock worth $19,028,000 after acquiring an additional 48,324 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky lifted its holdings in MYR Group by 19.2% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 16,319 shares of the utilities provider’s stock valued at $1,846,000 after acquiring an additional 2,632 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

MYRG has been the subject of a number of recent research reports. Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They set a “hold” rating and a $202.00 price target for the company. Stifel Nicolaus upped 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. The Goldman Sachs Group raised their price target on MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $194.50.

MYR Group Company 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.