Navellier & Associates Inc. Invests $6.57 Million in MYR Group, Inc. $MYRG

Navellier & Associates Inc. acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 13,126 shares of the utilities provider’s stock, valued at approximately $6,568,000.

Several other institutional investors have also recently added to or reduced their stakes in MYRG. Kilter Group LLC purchased a new stake in MYR Group during the second quarter worth about $25,000. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth $30,000. Global Retirement Partners LLC purchased a new stake in MYR Group during the 2nd quarter worth about $30,000. Farther Finance Advisors LLC boosted its holdings in MYR Group by 212.2% in the fourth 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 in the last quarter. Finally, Parallel Advisors LLC boosted its holdings 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 buying an additional 79 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Buying and Selling at MYR Group

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

Analysts Set New Price Targets

Several equities research analysts recently commented on MYRG shares. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. The Goldman Sachs Group reduced their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Finally, Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research note on Friday, July 10th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

MYR Group Stock Performance

MYRG opened at $294.42 on Friday. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The stock has a market cap of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. The stock’s 50 day simple moving average is $380.81 and its 200 day simple moving average is $359.67. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion during 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%.MYR Group’s revenue was up 20.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.70 earnings per share. As a group, equities analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current fiscal 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.