Globeflex Capital L P Makes New $6.04 Million Investment in MYR Group, Inc. $MYRG

Globeflex Capital L P purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 12,073 shares of the utilities provider’s stock, valued at approximately $6,041,000.

Other hedge funds also recently modified their holdings of the company. Kilter Group LLC acquired a new stake in MYR Group in the second quarter valued at $25,000. Global Retirement Partners LLC bought a new stake in shares of MYR Group in the 2nd quarter valued at about $30,000. Carolina Wealth Advisors LLC acquired a new stake in shares of MYR Group in the second quarter valued at about $30,000. Allworth Financial LP bought a new position in shares of MYR Group during the second quarter worth about $40,000. Finally, Parallel Advisors LLC lifted its stake in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $310.87 on Monday. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 29.49 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The business’s 50-day moving average is $395.71 and its 200-day moving average is $358.80. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the prior year, the company earned $1.70 EPS. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. Equities research analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a report on Monday, May 4th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

Insider Activity at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 in the company, valued at $8,393,265.50. The trade was a 15.81% 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 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.