Chase Investment Counsel Corp Purchases Shares of 10,866 MYR Group, Inc. $MYRG

Chase Investment Counsel Corp acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,866 shares of the utilities provider’s stock, valued at approximately $5,437,000. MYR Group comprises about 1.1% of Chase Investment Counsel Corp’s portfolio, making the stock its 27th largest holding.

Several other large investors have also modified their holdings of the stock. Royal Bank of Canada grew its holdings in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after purchasing an additional 1,437 shares during the last quarter. Cetera Investment Advisers acquired a new position in shares of MYR Group in the 2nd quarter valued at $221,000. Finally, Invesco Ltd. boosted its position in shares of MYR Group by 26.9% in the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after purchasing an additional 32,544 shares during the period. 88.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. The Goldman Sachs Group dropped their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Finally, Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $451.20.

Insider Activity at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director directly owned 5,579 shares in the company, 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 SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

MYR Group Price Performance

NASDAQ:MYRG opened at $334.39 on Monday. The firm has a market capitalization of $5.21 billion, a price-to-earnings ratio of 31.73 and a beta of 1.34. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The business’s fifty day moving average price is $406.09 and its 200 day moving average price is $356.31.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period last year, the company posted $1.70 EPS. On average, sell-side analysts forecast that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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.