Gryphon Financial Partners LLC Has $2.50 Million Holdings in MYR Group, Inc. $MYRG

Gryphon Financial Partners LLC lessened its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 18.9% in the first quarter, Holdings Channel.com reports. The firm owned 8,836 shares of the utilities provider’s stock after selling 2,065 shares during the period. Gryphon Financial Partners LLC’s holdings in MYR Group were worth $2,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC raised its holdings in shares of MYR Group by 124.5% in the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. increased 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 buying an additional 1,437 shares during the last quarter. Cetera Investment Advisers bought a new stake in MYR Group during the second quarter worth about $221,000. Finally, Invesco Ltd. grew its stake in MYR Group by 26.9% in the second 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 in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MYRG shares. Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $389.83.

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’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 value of $1,576,750.00. Following the transaction, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG opened at $391.51 on Friday. The firm has a 50-day moving average of $447.95 and a 200-day moving average of $339.28. 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 stock has a market cap of $6.10 billion, a PE ratio of 43.17 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 announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the previous year, the firm posted $1.45 EPS. MYR Group’s revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts anticipate that MYR Group, Inc. will post 11.43 EPS for the current year.

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.