Sheets Smith Wealth Management Reduces Stock Position in MYR Group, Inc. $MYRG

Sheets Smith Wealth Management trimmed its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 25.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,320 shares of the utilities provider’s stock after selling 1,840 shares during the period. Sheets Smith Wealth Management’s holdings in MYR Group were worth $2,662,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Kilter Group LLC acquired a new stake in shares of MYR Group during the second quarter worth approximately $25,000. Bank of Montreal Can raised its holdings in MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after acquiring an additional 50 shares in the last quarter. Global Retirement Partners LLC acquired a new stake in MYR Group in the second quarter valued at $30,000. Carolina Wealth Advisors LLC bought a new position in MYR Group during the 2nd quarter valued at $30,000. Finally, Captrust Financial Advisors boosted its stake in MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after acquiring an additional 61 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group 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 completion of the transaction, the director directly owned 18,631 shares in the company, 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 legal filing with the SEC, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group 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 owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MYRG has been the subject of several research analyst reports. Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a research report on Friday, July 10th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. The Goldman Sachs Group lowered their price objective on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Stock Performance

MYR Group stock opened at $294.42 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The company has a fifty day moving average price of $380.81 and a two-hundred day moving average price of $359.67. The company has a market cap of $4.58 billion, a PE ratio of 27.93 and a beta of 1.34.

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 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 company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period in the prior year, the company earned $1.70 earnings per share. The firm’s revenue was up 20.1% compared to the same quarter last year. Research analysts expect that MYR Group, Inc. will post 12.43 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.