GSA Capital Partners LLP Takes $769,000 Position in MYR Group, Inc. $MYRG

GSA Capital Partners LLP purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 1,536 shares of the utilities provider’s stock, valued at approximately $769,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after purchasing an additional 396,502 shares during the last quarter. Invesco Ltd. boosted its stake in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Squarepoint Ops LLC grew its holdings in MYR Group by 274.9% during the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of MYR Group during the 2nd quarter valued at $13,609,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of MYR Group by 220.5% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 101,072 shares of the utilities provider’s stock valued at $28,535,000 after acquiring an additional 69,532 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

Shares of MYR Group stock opened at $325.99 on Thursday. 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 firm has a market cap of $5.08 billion, a price-to-earnings ratio of 30.93 and a beta of 1.34. The stock’s 50-day moving average is $400.55 and its 200-day moving average is $357.94. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data 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 business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the company earned $1.70 earnings per share. MYR Group’s quarterly revenue was up 20.1% on a year-over-year basis. Equities analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on MYRG shares. Zacks Research raised 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 target price on MYR Group in a research note on Monday, May 4th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Finally, Jefferies Financial Group set a $392.00 target price on MYR Group in a research report 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 issued a Hold rating to the company. According to MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and a consensus price target of $451.20.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on 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 sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the 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 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 SEC filing for this sale provides additional information. 1.90% of the stock is owned by company 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.