Phocas Financial Corp. Takes $216,000 Position in MYR Group Inc. (NASDAQ:MYRG)

Phocas Financial Corp. acquired a new stake in shares of MYR Group Inc. (NASDAQ:MYRG – Get Rating) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 2,350 shares of the utilities provider’s stock, valued at approximately $216,000.

A number of other hedge funds have also recently modified their holdings of MYRG. Captrust Financial Advisors lifted its stake in shares of MYR Group by 0.9% during the 2nd quarter. Captrust Financial Advisors now owns 12,261 shares of the utilities provider’s stock valued at $1,081,000 after buying an additional 104 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of MYR Group by 2.5% during the 3rd quarter. Royal Bank of Canada now owns 6,615 shares of the utilities provider’s stock valued at $560,000 after buying an additional 162 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of MYR Group by 0.5% during the 2nd quarter. Legal & General Group Plc now owns 47,209 shares of the utilities provider’s stock valued at $4,161,000 after buying an additional 214 shares in the last quarter. Yousif Capital Management LLC lifted its stake in shares of MYR Group by 1.3% during the 1st quarter. Yousif Capital Management LLC now owns 16,902 shares of the utilities provider’s stock valued at $1,589,000 after buying an additional 215 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its stake in shares of MYR Group by 2.6% during the 3rd quarter. MetLife Investment Management LLC now owns 8,675 shares of the utilities provider’s stock valued at $735,000 after buying an additional 221 shares in the last quarter. Institutional investors own 85.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MYRG shares. Robert W. Baird lifted their target price on shares of MYR Group from $95.00 to $120.00 and gave the company an “outperform” rating in a research note on Thursday, February 23rd. StockNews.com started coverage on shares of MYR Group in a research note on Thursday. They issued a “buy” rating on the stock.

Insider Transactions at MYR Group

In other news, COO Jeffrey J. Waneka sold 12,000 shares of the business’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $121.00, for a total value of $1,452,000.00. Following the sale, the chief operating officer now directly owns 30,080 shares in the company, valued at approximately $3,639,680. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Jennifer Elaine Lowry sold 2,000 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $121.79, for a total transaction of $243,580.00. Following the transaction, the director now directly owns 7,919 shares in the company, valued at approximately $964,455.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey J. Waneka sold 12,000 shares of the company’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $121.00, for a total transaction of $1,452,000.00. Following the transaction, the chief operating officer now owns 30,080 shares in the company, valued at $3,639,680. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.

MYR Group Stock Down 2.9 %

Shares of MYRG stock opened at $118.72 on Friday. The stock has a market cap of $1.98 billion, a P/E ratio of 24.18 and a beta of 1.03. MYR Group Inc. has a 52 week low of $74.77 and a 52 week high of $124.37. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $105.79 and its two-hundred day simple moving average is $95.82.

MYR Group (NASDAQ:MYRG – Get Rating) last announced its quarterly earnings results on Wednesday, February 22nd. The utilities provider reported $1.46 EPS for the quarter, topping the consensus estimate of $1.05 by $0.41. The business had revenue of $863.96 million for the quarter, compared to analysts’ expectations of $736.59 million. MYR Group had a net margin of 2.77% and a return on equity of 15.42%. The business’s quarterly revenue was up 33.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.20 EPS. Analysts predict that MYR Group Inc. will post 5.43 EPS for the current fiscal year.

MYR Group Company Profile

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MYR Group, Inc is a holding company, which engages in the provision of electrical construction services. It operates through the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments. The T&D segment offers a range of services on electric transmission and distribution networks and substation facilities.