Jupiter Topco LLC Takes Position in MYR Group, Inc. $MYRG

Jupiter Topco LLC acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, Holdings Channel.com reports. The firm acquired 21,807 shares of the utilities provider’s stock, valued at approximately $10,911,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Kilter Group LLC purchased a new stake in shares of MYR Group during the second quarter worth about $25,000. Bank of Montreal Can lifted its stake in MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after buying an additional 50 shares in the last quarter. Global Retirement Partners LLC purchased a new position in MYR Group in the 2nd quarter valued at about $30,000. Carolina Wealth Advisors LLC acquired a new stake in MYR Group in the 2nd quarter worth about $30,000. Finally, Captrust Financial Advisors boosted its holdings in MYR Group by 0.7% in the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after buying an additional 61 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

NASDAQ:MYRG opened at $294.42 on Friday. The company’s 50-day moving average is $380.81 and its two-hundred day moving average is $359.67. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. 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 capitalization of $4.58 billion, a price-to-earnings ratio of 27.93 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.70 EPS. Analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Insider Activity at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s 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 completion of the sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on 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 transaction, the director directly owned 18,631 shares in the company, 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. Corporate insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on MYRG shares. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Robert W. Baird set a $375.00 price objective on MYR Group in a research note on Thursday, July 30th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, MYR Group presently has a consensus 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.