24,920 Shares in MYR Group, Inc. $MYRG Purchased by Castleark Management LLC

Castleark Management LLC bought a new position in MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 24,920 shares of the utilities provider’s stock, valued at approximately $12,470,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Kilter Group LLC bought a new stake in shares of MYR Group during the 2nd quarter valued at about $25,000. Carolina Wealth Advisors LLC bought a new position in shares of MYR Group in the second quarter worth approximately $30,000. Global Retirement Partners LLC bought a new position in shares of MYR Group in the second quarter worth approximately $30,000. Farther Finance Advisors LLC raised its stake in 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 purchasing an additional 104 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake 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 in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of research reports. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research report on Thursday, July 30th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and an average target price of $451.20.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on 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 completion of the sale, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

MYR Group Stock Performance

NASDAQ:MYRG opened at $296.14 on Wednesday. The company has a market capitalization of $4.61 billion, a price-to-earnings ratio of 28.10 and a beta of 1.34. The business has a 50 day moving average of $389.81 and a 200 day moving average of $359.42. 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, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period last year, the business earned $1.70 earnings per share. The business’s quarterly revenue was up 20.1% on a year-over-year basis. On average, sell-side analysts predict 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.