Navellier & Associates Inc. Takes Position in MYR Group, Inc. $MYRG

Navellier & Associates Inc. acquired a new position in MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 13,126 shares of the utilities provider’s stock, valued at approximately $6,568,000. Navellier & Associates Inc. owned 0.08% of MYR Group at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Kilter Group LLC purchased a new stake in MYR Group in the second quarter valued at $25,000. Global Retirement Partners LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at about $30,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at about $30,000. Allworth Financial LP acquired a new position in shares of MYR Group in the 2nd quarter valued at about $40,000. Finally, Fiduciary Financial Advisors acquired a new position in shares of MYR Group in the 2nd quarter valued at about $51,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $294.42 on Friday. The company has a market capitalization of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. The business’s 50 day moving average is $380.81 and its two-hundred day moving average is $359.67. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business’s revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.70 earnings per share. Analysts expect that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Robert W. Baird set a $375.00 target price on MYR Group in a report on Thursday, July 30th. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, The Goldman Sachs Group cut their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Two equities research 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. According to data from MarketBeat.com, MYR Group currently 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 the firm’s stock in a transaction dated 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 directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group 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 sale, 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 SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

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.