8,000 Shares in MYR Group, Inc. $MYRG Purchased by Paradigm Capital Management Inc. NY

Paradigm Capital Management Inc. NY bought a new position in MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,000 shares of the utilities provider’s stock, valued at approximately $4,003,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Gallo Partners LP bought a new position in shares of MYR Group during the second quarter valued at approximately $653,000. Cibc World Market Inc. bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $1,928,000. Neumeier Poma Investment Counsel LLC acquired a new position in MYR Group during the 2nd quarter valued at approximately $50,008,475,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in MYR Group during the 2nd quarter valued at approximately $7,998,000. Finally, Globeflex Capital L P bought a new position in MYR Group during the 2nd quarter worth $6,041,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several analyst reports. The Goldman Sachs Group dropped their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th. Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Finally, Jefferies Financial Group set a $392.00 target price 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. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

Insiders Place Their Bets

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction dated 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 completion of the sale, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

MYR Group Stock Down 1.8%

MYRG opened at $305.27 on Tuesday. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. 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 stock has a market cap of $4.75 billion, a P/E ratio of 28.96 and a beta of 1.34. The stock’s 50 day moving average price is $392.82 and its 200 day moving average price is $359.09.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the firm posted $1.70 EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. As a group, 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.