Aster Capital Management DIFC Ltd Purchases New Shares in MYR Group, Inc. $MYRG

Aster Capital Management DIFC Ltd purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,281 shares of the utilities provider’s stock, valued at approximately $498,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of MYRG. Royal Bank of Canada raised its holdings in MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after buying an additional 2,205 shares during the period. AQR Capital Management LLC raised its holdings in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its holdings in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after buying an additional 1,437 shares during the period. Cetera Investment Advisers purchased a new stake in MYR Group during the 2nd quarter valued at $221,000. Finally, Invesco Ltd. raised its holdings in MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after buying an additional 32,544 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insiders Place Their Bets

In other news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on 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 transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $1,576,750.00. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

MYR Group Stock Performance

Shares of MYR Group stock opened at $449.94 on Tuesday. The stock’s fifty day moving average is $399.73 and its two-hundred day moving average is $302.54. The company has a market capitalization of $7.01 billion, a PE ratio of 49.61 and a beta of 1.32. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 52 week low of $161.55 and a 52 week high of $484.71.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the company earned $1.45 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, analysts expect that MYR Group, Inc. will post 10.92 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group upped their price objective on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Company 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.