Connor Clark & Lunn Investment Management Ltd. Takes Position in MYR Group, Inc. $MYRG

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 15,983 shares of the utilities provider’s stock, valued at approximately $7,998,000.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of MYR Group in the second quarter valued at about $1,232,294,000. Vanguard Group Inc. lifted its stake in MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after acquiring an additional 40,164 shares in the last quarter. Wellington Management Group LLP boosted its position in MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after acquiring an additional 396,502 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of MYR Group by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after acquiring an additional 21,304 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after acquiring an additional 13,511 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Jefferies Financial Group set a $392.00 target price on MYR Group in a report on Friday, July 10th. Finally, Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $451.20.

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by insiders.

MYR Group Price Performance

NASDAQ:MYRG opened at $312.83 on Thursday. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The firm has a market cap of $4.87 billion, a price-to-earnings ratio of 29.68 and a beta of 1.34. The firm’s 50-day simple moving average is $387.18 and its 200 day simple moving average is $359.85. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the previous year, the firm posted $1.70 EPS. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, sell-side analysts predict that MYR Group, Inc. will post 12.43 earnings per share 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.