SEB Asset Management AB Invests $533,000 in MYR Group, Inc. $MYRG

SEB Asset Management AB acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the first quarter, HoldingsChannel reports. The firm acquired 1,887 shares of the utilities provider’s stock, valued at approximately $533,000.

A number of other large investors have also modified their holdings of the company. Royal Bank of Canada lifted its position in MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after purchasing an additional 2,205 shares during the period. AQR Capital Management LLC increased its holdings in MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of 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 in the last quarter. Cetera Investment Advisers acquired a new position in shares of MYR Group in the 2nd quarter valued at $221,000. Finally, Invesco Ltd. lifted its holdings in shares of MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after acquiring an additional 32,544 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Down 6.9%

Shares of NASDAQ MYRG opened at $379.17 on Friday. 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. The business has a fifty day moving average of $441.22 and a two-hundred 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 (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share 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 for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the firm earned $1.45 EPS. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insider Activity

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company’s 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 sale, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 sale, the director directly 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 position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. 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. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research note on Friday, July 10th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and a consensus price target of $389.83.

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.