Y Intercept Hong Kong Ltd Acquires New Position in MYR Group, Inc. $MYRG

Y Intercept Hong Kong Ltd acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,485 shares of the utilities provider’s stock, valued at approximately $1,266,000.

A number of other institutional investors have also bought and sold shares of the business. Farther Finance Advisors LLC boosted its holdings in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new stake in shares of MYR Group in the fourth quarter valued at approximately $35,000. Signaturefd LLC increased its holdings in shares of 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 purchasing an additional 65 shares during the last quarter. Hantz Financial Services Inc. lifted its position in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in MYR Group during the fourth quarter worth approximately $66,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MYRG. Robert W. Baird set a $373.00 target price on MYR Group in a report on Thursday, April 30th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $389.83.

Insider Transactions at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’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 transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

MYR Group Trading Down 2.7%

MYRG traded down $11.57 during trading hours on Friday, reaching $419.34. The company’s stock had a trading volume of 145,262 shares, compared to its average volume of 302,880. The stock has a market cap of $6.53 billion, a PE ratio of 46.23 and a beta of 1.31. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50-day moving average is $451.09 and its 200-day moving average is $332.96.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. During the same quarter last year, the firm earned $1.45 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts predict that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

MYR Group 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.