2,714 Shares in MYR Group, Inc. $MYRG Purchased by Park Avenue Securities LLC

Park Avenue Securities LLC bought a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,714 shares of the utilities provider’s stock, valued at approximately $565,000.

Other institutional investors have also recently made changes to their positions in the company. Maseco LLP purchased a new position in shares of MYR Group during the second quarter valued at approximately $28,000. Salomon & Ludwin LLC bought a new stake in MYR Group in the 3rd quarter worth approximately $34,000. MAI Capital Management raised its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group during the 2nd quarter valued at $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of MYR Group in the 2nd quarter worth $34,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

MYRG has been the subject of a number of research reports. Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Stifel Nicolaus boosted their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 29th. The Goldman Sachs Group raised their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, MYR Group has a consensus rating of “Hold” and an average target price of $201.67.

MYR Group Trading Up 6.4%

Shares of NASDAQ:MYRG opened at $244.19 on Friday. The stock has a 50 day moving average of $224.10 and a 200 day moving average of $204.27. The company has a market cap of $3.79 billion, a PE ratio of 39.45 and a beta of 1.18. 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 $247.00.

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

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by insiders.

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.