Rhumbline Advisers Acquires 2,564 Shares of MYR Group Inc. (NASDAQ:MYRG)

Posted by Defense World Staff on Sep 7th, 2023

MYR Group logo Rhumbline Advisers increased its holdings in shares of MYR Group Inc. (NASDAQ:MYRG – Free Report) by 5.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,763 shares of the utilities provider’s stock after acquiring an additional 2,564 shares during the period. Rhumbline Advisers owned about 0.30% of MYR Group worth $6,271,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of MYRG. Victory Capital Management Inc. grew its position in MYR Group by 25.6% during the 4th quarter. Victory Capital Management Inc. now owns 636,282 shares of the utilities provider’s stock worth $58,751,000 after acquiring an additional 129,688 shares during the last quarter. Driehaus Capital Management LLC bought a new stake in MYR Group during the 4th quarter worth approximately $9,867,000. Assenagon Asset Management S.A. grew its position in MYR Group by 254.7% during the 1st quarter. Assenagon Asset Management S.A. now owns 132,521 shares of the utilities provider’s stock worth $16,699,000 after acquiring an additional 95,161 shares during the last quarter. BlackRock Inc. grew its position in MYR Group by 2.7% during the 1st quarter. BlackRock Inc. now owns 2,922,873 shares of the utilities provider’s stock worth $274,868,000 after acquiring an additional 77,662 shares during the last quarter. Finally, Great Lakes Advisors LLC acquired a new position in MYR Group during the 1st quarter worth $9,149,000. 86.29% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MYRG. Sidoti downgraded MYR Group from a “buy” rating to a “neutral” rating and set a $163.00 price objective on the stock. in a report on Wednesday, July 19th. StockNews.com began coverage on MYR Group in a report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Robert W. Baird upped their price objective on MYR Group from $147.00 to $170.00 in a report on Thursday, July 27th.

Get Our Latest Analysis on MYRG

MYR Group Stock Performance

MYRG stock opened at $137.35 on Thursday. The business’s fifty day moving average is $142.58 and its 200-day moving average is $132.04. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.07. The company has a market cap of $2.30 billion, a P/E ratio of 26.11 and a beta of 1.01. MYR Group Inc. has a twelve month low of $76.97 and a twelve month high of $156.63.

MYR Group (NASDAQ:MYRG – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The utilities provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $888.60 million for the quarter, compared to the consensus estimate of $781.66 million. MYR Group had a return on equity of 15.53% and a net margin of 2.63%. The firm’s quarterly revenue was up 25.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.15 EPS. Equities research analysts forecast that MYR Group Inc. will post 5.86 EPS for the current year.

Insider Buying and Selling

In related news, VP William Fry sold 3,500 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $145.05, for a total transaction of $507,675.00. Following the sale, the vice president now owns 6,434 shares of the company’s stock, valued at approximately $933,251.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other MYR Group news, CEO Richard S. Jr. Swartz sold 18,000 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $143.21, for a total transaction of $2,577,780.00. Following the completion of the transaction, the chief executive officer now owns 118,836 shares in the company, valued at approximately $17,018,503.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP William Fry sold 3,500 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $145.05, for a total value of $507,675.00. Following the transaction, the vice president now owns 6,434 shares of the company’s stock, valued at approximately $933,251.70. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by company insiders.

MYR Group Profile

(Free Report)

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 limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.