MYR Group (NASDAQ:MYRG) Issues Earnings Results, Beats Estimates By $0.55 EPS

MYR Group (NASDAQ:MYRG) posted its quarterly earnings data on Wednesday. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55, FiscalAI reports. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period in the previous year, the company posted $1.70 EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year.

MYR Group Stock Down 5.5%

Shares of MYR Group stock traded down $18.66 on Wednesday, hitting $322.06. 499,405 shares of the company traded hands, compared to its average volume of 280,280. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The company has a market cap of $5.01 billion, a PE ratio of 35.51 and a beta of 1.31. The company has a 50-day moving average price of $437.60 and a 200 day moving average price of $347.91.

Insider Buying and Selling at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction dated 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 in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On MYR Group

Several large investors have recently made changes to their positions in the company. Wellington Management Group LLP raised its position in MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after acquiring an additional 396,502 shares in the last quarter. Invesco Ltd. grew its position in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares in the last quarter. Squarepoint Ops LLC grew its position in MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in shares of MYR Group during the 2nd quarter worth $13,609,000. Finally, First Trust Advisors LP increased its stake in shares of MYR Group by 66.1% during the 4th quarter. First Trust Advisors LP now owns 165,006 shares of the utilities provider’s stock worth $36,054,000 after purchasing an additional 65,661 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MYRG shares. Cantor Fitzgerald increased their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Robert W. Baird set a $373.00 price objective on MYR Group in a research report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, MYR Group has an average rating of “Moderate Buy” and an average price target of $389.83.

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.