Paradigm Capital Management Inc. NY Buys New Position in MYR Group, Inc. $MYRG

Paradigm Capital Management Inc. NY purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 8,000 shares of the utilities provider’s stock, valued at approximately $4,003,000. Paradigm Capital Management Inc. NY owned approximately 0.05% of MYR Group as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Kilter Group LLC purchased a new stake in shares of MYR Group during the second quarter valued at approximately $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group in the second quarter valued at $30,000. Global Retirement Partners LLC purchased a new stake in MYR Group during the 2nd quarter worth $30,000. Farther Finance Advisors LLC increased its stake in MYR Group by 212.2% during the 4th 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 period. Finally, Parallel Advisors LLC lifted its holdings in MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYR Group stock opened at $305.27 on Tuesday. The firm has a market cap of $4.75 billion, a PE ratio of 28.96 and a beta of 1.34. The firm’s 50-day simple moving average is $392.82 and its 200-day simple moving average is $359.09. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current 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 posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 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 return on equity of 24.17% and a net margin of 4.13%.The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same period last year, the firm earned $1.70 earnings per share. Equities analysts forecast that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The stock was 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred 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 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. The Goldman Sachs Group cut their price target on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Finally, Robert W. Baird set a $375.00 target price on MYR Group in a research report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.