Cibc World Market Inc. Makes New $1.93 Million Investment in MYR Group, Inc. $MYRG

Cibc World Market Inc. acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,853 shares of the utilities provider’s stock, valued at approximately $1,928,000.

Several other large investors have also modified their holdings of MYRG. Kilter Group LLC purchased a new stake in MYR Group in the second quarter valued at $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group during the second quarter worth about $30,000. Global Retirement Partners LLC acquired a new stake in shares of MYR Group during the second quarter worth about $30,000. Farther Finance Advisors LLC lifted its holdings in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the last quarter. Finally, Parallel Advisors LLC boosted its position in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Transactions at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s 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 completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MYRG shares. 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 objective on shares of MYR Group in a research report on Friday, July 10th. The Goldman Sachs Group dropped their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a report on Thursday, July 30th. Finally, Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Up 5.6%

Shares of NASDAQ:MYRG opened at $312.83 on Thursday. The company has a market cap of $4.87 billion, a price-to-earnings ratio of 29.68 and a beta of 1.34. The firm’s 50-day simple moving average is $387.18 and its 200-day simple moving average is $359.85. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57.

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

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.