Chase Investment Counsel Corp Makes New Investment in MYR Group, Inc. $MYRG

Chase Investment Counsel Corp bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 10,866 shares of the utilities provider’s stock, valued at approximately $5,437,000. MYR Group accounts for about 1.1% of Chase Investment Counsel Corp’s portfolio, making the stock its 27th largest holding. Chase Investment Counsel Corp owned 0.07% of MYR Group as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Royal Bank of Canada boosted its position 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 purchasing an additional 2,205 shares during the period. AQR Capital Management LLC increased its position in MYR Group by 124.5% in the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. lifted its stake in MYR Group by 0.7% in the first 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 last quarter. Cetera Investment Advisers bought a new stake in MYR Group in the second quarter valued at $221,000. Finally, Invesco Ltd. boosted its holdings in shares of MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after acquiring an additional 32,544 shares during the period. 88.90% of the stock is owned by institutional investors.

Insider Buying and Selling at MYR Group

In other MYR Group 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 value of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’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 of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent research reports. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday. Finally, Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research note 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $451.20.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $334.39 on Monday. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 31.73 and a beta of 1.34. The stock’s 50 day moving average price is $406.09 and its 200 day moving average price is $356.31. 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 results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same period last year, the company posted $1.70 EPS. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. Equities research analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share 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.