Timothy G. Youngquist 2020 Irrevocable Trust Takes $1.05 Million Position in MYR Group, Inc. $MYRG

Timothy G. Youngquist 2020 Irrevocable Trust purchased a new position in MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 2,091 shares of the utilities provider’s stock, valued at approximately $1,046,000.

A number of other large investors also recently bought and sold shares of MYRG. Royal Bank of Canada grew its holdings 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 boosted its position in shares of MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after purchasing an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. boosted its position 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 worth $22,998,000 after purchasing an additional 1,437 shares in the last quarter. Cetera Investment Advisers bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $221,000. Finally, Invesco Ltd. grew its stake in shares of MYR Group by 26.9% in the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after buying an additional 32,544 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction 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 of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction 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 sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. The Goldman Sachs Group cut their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday, July 10th. Finally, Robert W. Baird set a $375.00 price target on shares of MYR Group in a research note on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $451.20.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $323.89 on Wednesday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The firm has a market cap of $5.04 billion, a P/E ratio of 30.73 and a beta of 1.34. The company has a 50 day moving average of $402.18 and a 200 day moving average of $357.44. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company’s revenue was up 20.1% compared to the same quarter last year. During the same period last year, the business posted $1.70 EPS. As a group, research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current fiscal 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.