16,135 Shares in MYR Group, Inc. $MYRG Bought by Hel Ved Capital Management Ltd

Hel Ved Capital Management Ltd acquired a new position in MYR Group, Inc. (NASDAQ:MYRG) during the 4th quarter, HoldingsChannel reports. The fund acquired 16,135 shares of the utilities provider’s stock, valued at approximately $3,525,000. MYR Group accounts for about 0.9% of Hel Ved Capital Management Ltd’s investment portfolio, making the stock its 27th largest holding.

Several other institutional investors also recently modified their holdings of the business. Wells Fargo & Company MN grew its stake in shares of MYR Group by 7.9% in the fourth quarter. Wells Fargo & Company MN now owns 65,113 shares of the utilities provider’s stock worth $14,227,000 after purchasing an additional 4,782 shares during the last quarter. Advisors Asset Management Inc. grew its stake in shares of MYR Group by 1.8% in the fourth quarter. Advisors Asset Management Inc. now owns 29,126 shares of the utilities provider’s stock worth $6,364,000 after purchasing an additional 501 shares during the last quarter. Jane Street Group LLC grew its stake in shares of MYR Group by 1,480.1% in the fourth quarter. Jane Street Group LLC now owns 44,005 shares of the utilities provider’s stock worth $9,615,000 after purchasing an additional 41,220 shares during the last quarter. HRT Financial LP bought a new stake in shares of MYR Group in the fourth quarter worth $2,219,000. Finally, Cibc World Markets Corp bought a new stake in MYR Group during the fourth quarter valued at $223,000. Institutional investors own 88.90% of the company’s stock.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s 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 transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents 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 accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MYRG. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Stock Performance

Shares of MYRG opened at $445.72 on Friday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $6.94 billion, a P/E ratio of 49.14 and a beta of 1.32. The firm’s fifty day simple moving average is $396.45 and its two-hundred day simple moving average is $300.28. MYR Group, Inc. has a 12 month low of $159.61 and a 12 month high of $484.71.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, analysts predict that MYR Group, Inc. will post 10.59 EPS for the current year.

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.