Edgestream Partners L.P. Trims Stake in MYR Group, Inc. $MYRG

Edgestream Partners L.P. lowered its position in MYR Group, Inc. (NASDAQ:MYRG) by 84.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,791 shares of the utilities provider’s stock after selling 20,648 shares during the period. Edgestream Partners L.P.’s holdings in MYR Group were worth $1,070,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Wellington Management Group LLP raised its holdings in shares of MYR Group by 63.5% in 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. Massachusetts Financial Services Co. MA bought a new stake in shares of MYR Group during the 4th quarter worth approximately $47,012,000. Invesco Ltd. boosted its holdings in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after acquiring an additional 91,923 shares during the period. Squarepoint Ops LLC boosted its holdings in MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after acquiring an additional 89,044 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new position in MYR Group in the 2nd quarter valued at $13,609,000. Institutional investors own 88.90% of the company’s stock.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MYRG. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research note on Thursday. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a report on Friday, July 10th. 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 company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $426.00.

MYR Group Trading Up 1.5%

MYRG opened at $338.14 on Tuesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock’s fifty day moving average is $428.52 and its two-hundred day moving average is $350.87. The company has a market capitalization of $5.26 billion, a P/E ratio of 32.08 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 issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same period in the prior year, the business earned $1.70 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. Analysts forecast that MYR Group, Inc. will post 11.43 earnings per share for the current year.

MYR Group Company 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.