2,091 Shares in MYR Group, Inc. $MYRG Acquired by Timothy G. Youngquist 2020 Irrevocable Trust

Timothy G. Youngquist 2020 Irrevocable Trust bought a new position in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, HoldingsChannel.com reports. The fund bought 2,091 shares of the utilities provider’s stock, valued at approximately $1,046,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. First Trust Advisors LP increased its position in MYR Group by 23.5% during the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock valued at $57,518,000 after acquiring an additional 38,726 shares during the last quarter. Geode Capital Management LLC boosted its position in MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after purchasing an additional 13,511 shares during the last quarter. Hel Ved Capital Management Ltd purchased a new position in MYR Group in the fourth quarter worth about $3,525,000. Hsbc Holdings PLC grew its stake in shares of MYR Group by 45.5% during the 1st quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock valued at $2,542,000 after purchasing an additional 2,856 shares during the period. Finally, Axiom Investment Management LLC bought a new stake in shares of MYR Group during the 1st quarter valued at about $1,412,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MYRG. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. The Goldman Sachs Group reduced their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Finally, Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research note on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Stock Performance

Shares of MYRG opened at $323.89 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $402.18 and a two-hundred day simple moving average of $357.44. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 30.73 and a beta of 1.34. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the firm earned $1.70 EPS. On average, analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Buying and Selling

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

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.