Meeder Asset Management Inc. Sells 5,608 Shares of MYR Group, Inc. $MYRG

Meeder Asset Management Inc. trimmed its stake in MYR Group, Inc. (NASDAQ:MYRG) by 82.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,172 shares of the utilities provider’s stock after selling 5,608 shares during the period. Meeder Asset Management Inc.’s holdings in MYR Group were worth $331,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MYRG. Parallel Advisors LLC increased its stake in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the period. Acumen Wealth Advisors LLC bought a new stake in MYR Group in the fourth quarter valued at approximately $35,000. Signaturefd LLC boosted its holdings in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 160 shares during the period. 88.90% of the stock is owned by institutional investors.

Insider Buying and Selling at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction on Wednesday, June 3rd. The shares were 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s 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 $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MYRG. Cantor Fitzgerald raised their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Finally, Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $389.83.

MYR Group Trading Up 2.5%

NASDAQ MYRG opened at $400.10 on Wednesday. The stock has a market capitalization of $6.23 billion, a P/E ratio of 44.11 and a beta of 1.31. The business has a 50 day simple moving average of $445.48 and a 200 day simple moving average of $342.58. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.45 earnings per share. Research analysts expect that MYR Group, Inc. will post 11.43 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.