Axiom Investors LLC DE bought a new position in MYR Group Inc. (NASDAQ:MYRG – Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 17,477 shares of the utilities provider’s stock, valued at approximately $2,418,000. Axiom Investors LLC DE owned 0.10% of MYR Group as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of the company. First National Bank of Hutchinson raised its holdings in MYR Group by 2.1% in the second quarter. First National Bank of Hutchinson now owns 4,624 shares of the utilities provider’s stock worth $640,000 after purchasing an additional 93 shares during the period. Captrust Financial Advisors raised its holdings in MYR Group by 0.9% in the second quarter. Captrust Financial Advisors now owns 12,261 shares of the utilities provider’s stock worth $1,081,000 after purchasing an additional 104 shares during the period. Arizona State Retirement System raised its holdings in MYR Group by 2.3% in the first quarter. Arizona State Retirement System now owns 4,810 shares of the utilities provider’s stock worth $606,000 after purchasing an additional 110 shares during the period. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of MYR Group by 29.6% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 138 shares in the last quarter. Finally, Royal Bank of Canada increased its position in shares of MYR Group by 2.5% during the third quarter. Royal Bank of Canada now owns 6,615 shares of the utilities provider’s stock worth $560,000 after acquiring an additional 162 shares in the last quarter. 86.29% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on MYRG shares. Robert W. Baird increased their price objective on shares of MYR Group from $147.00 to $170.00 in a research report on Thursday, July 27th. Sidoti raised shares of MYR Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 17th. StockNews.com downgraded shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Tuesday, October 31st. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $144.00 target price on shares of MYR Group in a research report on Thursday, November 16th.
MYR Group Stock Up 0.4 %
MYR Group stock opened at $122.73 on Tuesday. The company has a market cap of $2.05 billion, a P/E ratio of 22.52 and a beta of 1.07. MYR Group Inc. has a 1-year low of $84.75 and a 1-year high of $156.63. The company has a fifty day simple moving average of $127.12 and a 200 day simple moving average of $134.57. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 0.09.
MYR Group (NASDAQ:MYRG – Get Free Report) last released its earnings results on Wednesday, October 25th. The utilities provider reported $1.28 earnings per share for the quarter, missing analysts’ consensus estimates of $1.30 by ($0.02). The business had revenue of $939.50 million during the quarter, compared to the consensus estimate of $877.48 million. MYR Group had a net margin of 2.61% and a return on equity of 15.46%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the business posted $1.09 EPS.
Insider Transactions at MYR Group
In other news, CEO Richard S. Jr. Swartz sold 18,000 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $143.21, for a total transaction of $2,577,780.00. Following the transaction, the chief executive officer now directly owns 118,836 shares in the company, valued at approximately $17,018,503.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.00% of the stock is owned by company insiders.
MYR Group Profile
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.
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