16,135 Shares in MYR Group, Inc. $MYRG Acquired by Hel Ved Capital Management Ltd

Key Points

• Hel Ved Capital Management disclosed a new fourth-quarter position in MYR Group, buying 16,135 shares worth about $3.53 million. The stake represents roughly 0.10% of MYR Group and about 0.9% of Hel Ved’s portfolio.
• Several analysts have recently turned more positive on the stock, including a Zacks upgrade to strong-buy and a Cantor Fitzgerald price target hike to $564. Overall, MYR Group now has a consensus rating of Moderate Buy with an average target of $358.17.
• Insiders sold shares in early June, including director Donald C.I. Lucky and director Kenneth Michael Hartwick, while the company also posted strong quarterly results. MYR Group reported EPS of $2.99 and revenue of $1.0 billion, both ahead of expectations, with revenue up 20% year over year.

Hel Ved Capital Management Ltd acquired a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 16,135 shares of the utilities provider's stock, valued at approximately $3,525,000. MYR Group comprises approximately 0.9% of Hel Ved Capital Management Ltd's investment portfolio, making the stock its 27th largest position. Hel Ved Capital Management Ltd owned 0.10% of MYR Group as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MYRG. Smartleaf Asset Management LLC increased its holdings in MYR Group by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider's stock worth $86,000 after purchasing an additional 47 shares in the last quarter. Bank of Montreal Can increased its holdings in MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider's stock worth $1,319,000 after purchasing an additional 50 shares in the last quarter. Signaturefd LLC increased its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after purchasing an additional 65 shares in the last quarter. Great Lakes Advisors LLC increased its holdings in MYR Group by 0.6% during the 4th quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider's stock worth $2,530,000 after purchasing an additional 66 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of MYR Group by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 3,000 shares of the utilities provider's stock worth $656,000 after buying an additional 92 shares during the last quarter. Institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on MYRG. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Weiss Ratings restated a "buy (b-)" rating on shares of MYR Group in a report on Tuesday, April 21st. The Goldman Sachs Group raised their price objective on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a report on Tuesday, March 3rd. Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $358.17.

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 that occurred on Wednesday, June 3rd. The shares were 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 directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction that occurred 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 owned 18,631 shares of the company's stock, valued at $8,393,265.50. This trade represents a 15.81% 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.

MYR Group Trading Up 4.9%

Shares of MYRG stock opened at $445.72 on Friday. The firm has a 50 day moving average price of $396.45 and a two-hundred day moving average price of $300.28. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $6.94 billion, a PE ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a 12-month low of $159.61 and a 12-month high of $484.71.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business posted $1.45 earnings per share. As a group, analysts predict that MYR Group, Inc. will post 10.59 earnings per share for the current year.

MYR Group Company 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.

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