MYR Group, Inc. $MYRG Shares Acquired by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,890 shares of the utilities provider’s stock after acquiring an additional 1,500 shares during the quarter. Hillsdale Investment Management Inc. owned 0.21% of MYR Group worth $9,286,000 as of its most recent filing with the Securities and Exchange Commission.

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

MYR Group Trading Down 1.8%

MYRG opened at $411.89 on Tuesday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a market cap of $6.41 billion, a P/E ratio of 45.41 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The business’s 50-day simple moving average is $451.23 and its 200-day simple moving average is $335.00.

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

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on 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 completion of the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MYRG. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald raised their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $389.83.

About MYR Group

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.