52,507 Shares in MYR Group, Inc. $MYRG Acquired by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 52,507 shares of the utilities provider’s stock, valued at approximately $26,275,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group in the second quarter worth $30,000. Global Retirement Partners LLC acquired a new stake in shares of MYR Group in the second quarter valued at $30,000. Farther Finance Advisors LLC raised its stake in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares in the last quarter. Parallel Advisors LLC boosted its holdings in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Finally, Acumen Wealth Advisors LLC purchased a new position in MYR Group in the fourth quarter valued at $35,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Ratings Changes

MYRG has been the topic of several recent research reports. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. The Goldman Sachs Group decreased their price objective on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Finally, Cantor Fitzgerald raised their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $451.20.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated 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 approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was 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 in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

MYR Group Trading Up 1.9%

Shares of MYR Group stock opened at $340.78 on Tuesday. The company has a fifty day simple moving average of $404.17 and a 200-day simple moving average of $356.93. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a market cap of $5.31 billion, a price-to-earnings ratio of 32.33 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same period last year, the business earned $1.70 EPS. MYR Group’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, equities analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current fiscal 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.