Whalen Wealth Management Inc. Buys Shares of 4,501 MYR Group, Inc. $MYRG

Whalen Wealth Management Inc. bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,501 shares of the utilities provider’s stock, valued at approximately $936,000.

Several other large investors have also modified their holdings of the stock. Assenagon Asset Management S.A. lifted its holdings in shares of MYR Group by 154.2% during the third quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock worth $30,883,000 after purchasing an additional 90,051 shares during the period. GAMMA Investing LLC raised its position in MYR Group by 14.2% during the 3rd quarter. GAMMA Investing LLC now owns 916 shares of the utilities provider’s stock worth $191,000 after buying an additional 114 shares during the last quarter. Texas Permanent School Fund Corp raised its position in MYR Group by 34.3% during the 2nd quarter. Texas Permanent School Fund Corp now owns 17,546 shares of the utilities provider’s stock worth $3,184,000 after buying an additional 4,486 shares during the last quarter. Osaic Holdings Inc. lifted its stake in shares of MYR Group by 200.5% in the 2nd quarter. Osaic Holdings Inc. now owns 1,755 shares of the utilities provider’s stock worth $316,000 after acquiring an additional 1,171 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in shares of MYR Group by 81.9% in the second quarter. Squarepoint Ops LLC now owns 32,390 shares of the utilities provider’s stock valued at $5,877,000 after acquiring an additional 14,588 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG stock opened at $216.64 on Friday. The firm has a 50 day moving average of $219.23 and a 200-day moving average of $196.09. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 35.00 and a beta of 1.20. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $241.13.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. During the same quarter in the prior year, the firm posted $0.65 EPS. The company’s revenue was up 7.0% compared to the same quarter last year. As a group, equities analysts expect that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. The Goldman Sachs Group lifted their price objective on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 13th. Finally, Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $201.67.

Insiders Place Their Bets

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.80% of the company’s stock.

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.