Neumeier Poma Investment Counsel LLC Makes New Investment in MYR Group, Inc. $MYRG

Neumeier Poma Investment Counsel LLC acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 99,937 shares of the utilities provider’s stock, valued at approximately $50,008,475,000. MYR Group comprises 3.4% of Neumeier Poma Investment Counsel LLC’s holdings, making the stock its 8th biggest position.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MYRG. Kilter Group LLC acquired a new position in MYR Group during the second quarter valued at $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at about $30,000. Global Retirement Partners LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC boosted 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 worth $33,000 after buying an additional 104 shares during the last quarter. Finally, Parallel Advisors LLC grew its holdings in MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Buying and Selling at MYR Group

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’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 completion of 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’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 position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $310.87 on Monday. 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 company has a market cap of $4.84 billion, a price-to-earnings ratio of 29.49 and a beta of 1.34. The stock has a 50 day simple moving average of $395.71 and a 200-day simple moving average of $358.80. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57.

MYR Group (NASDAQ:MYRG) last released 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. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.70 EPS. On average, equities research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MYRG. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Cantor Fitzgerald upped their price objective on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $451.20.

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.