Hawk Ridge Capital Management LP Acquires 18,748 Shares of MYR Group, Inc. $MYRG

Hawk Ridge Capital Management LP boosted its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 16.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 129,945 shares of the utilities provider’s stock after purchasing an additional 18,748 shares during the quarter. MYR Group comprises 1.3% of Hawk Ridge Capital Management LP’s portfolio, making the stock its 28th biggest holding. Hawk Ridge Capital Management LP’s holdings in MYR Group were worth $36,686,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in MYRG. First Trust Advisors LP raised its position in shares of 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 buying an additional 38,726 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of 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 buying an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd bought a new position in shares of MYR Group during the fourth quarter worth $3,525,000. Hsbc Holdings PLC grew its stake in MYR Group by 45.5% during the first quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock valued at $2,542,000 after acquiring an additional 2,856 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in MYR Group during the first quarter valued at $1,948,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 2.7%

Shares of MYRG stock opened at $369.00 on Tuesday. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The stock’s 50 day simple moving average is $439.60 and its two-hundred day simple moving average is $347.17. The company has a market cap of $5.75 billion, a PE ratio of 40.68 and a beta of 1.31.

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

Analyst Ratings Changes

MYRG has been the topic of a number of research reports. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a report on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Cantor Fitzgerald boosted their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $389.83.

Insider Buying and Selling at MYR Group

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s 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 sale, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by insiders.

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.