Bank of New York Mellon Corp Purchases 172,962 Shares of MYR Group, Inc. $MYRG

Bank of New York Mellon Corp increased its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 97.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 350,478 shares of the utilities provider’s stock after buying an additional 172,962 shares during the quarter. Bank of New York Mellon Corp owned 2.26% of MYR Group worth $63,594,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Maseco LLP acquired a new position in MYR Group during the 2nd quarter worth approximately $28,000. Quarry LP boosted its holdings in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 179 shares during the last quarter. UMB Bank n.a. grew its position in MYR Group by 266.0% in the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 141 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after buying an additional 165 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its position in MYR Group by 16.3% during the 1st quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider’s stock worth $81,000 after buying an additional 101 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.0%

MYR Group stock opened at $233.48 on Monday. The company’s 50-day moving average price is $200.08 and its two-hundred day moving average price is $182.45. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The stock has a market cap of $3.62 billion, a P/E ratio of 37.72 and a beta of 1.24. MYR Group, Inc. has a twelve month low of $97.72 and a twelve month high of $241.13.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. As a group, analysts expect that MYR Group, Inc. will post 1.16 EPS for the current year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MYRG shares. The Goldman Sachs Group raised their price objective on MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Jefferies Financial Group initiated coverage on MYR Group in a research report on Friday, August 15th. They set a “hold” rating and a $202.00 price target on the stock. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus price target of $194.50.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.