Y Intercept Hong Kong Ltd Grows Stock Holdings in MYR Group, Inc. $MYRG

Y Intercept Hong Kong Ltd grew its stake in MYR Group, Inc. (NASDAQ:MYRG) by 557.5% in the third quarter, Holdings Channel.com reports. The firm owned 23,952 shares of the utilities provider’s stock after acquiring an additional 20,309 shares during the quarter. Y Intercept Hong Kong Ltd’s holdings in MYR Group were worth $4,983,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MYRG. Bank of New York Mellon Corp lifted its position in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after buying an additional 172,962 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of MYR Group by 154.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider’s stock worth $30,883,000 after acquiring an additional 90,051 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of MYR Group during the 2nd quarter worth $13,609,000. Boston Partners boosted its position in shares of MYR Group by 70.0% during the 2nd quarter. Boston Partners now owns 151,839 shares of the utilities provider’s stock valued at $27,553,000 after acquiring an additional 62,515 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in shares of MYR Group by 131.0% in the second quarter. Marshall Wace LLP now owns 109,630 shares of the utilities provider’s stock valued at $19,892,000 after purchasing an additional 62,168 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MYRG. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. The Goldman Sachs Group increased their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Finally, Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $213.57.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by company insiders.

MYR Group Price Performance

MYRG opened at $244.60 on Friday. The stock’s 50-day moving average price is $226.49 and its 200 day moving average price is $207.14. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $263.48. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 39.52 and a beta of 1.18. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. During the same period in the prior year, the firm earned $0.65 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, sell-side analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current 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.