5,000 Shares in MYR Group, Inc. $MYRG Bought by Axiom Investment Management LLC

Key Points

• Axiom Investment Management initiated a 5,000-share position in MYR Group valued at approximately $1.4 million, while institutional investors collectively own 88.9% of the company.
• MYR Group reported a strong quarter, with earnings of $3.17 per share versus the $2.62 consensus estimate and revenue of $1.08 billion, up 20.1% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $426, although two directors recently sold a combined 18,175 shares and the stock opened at $333.22.

Axiom Investment Management LLC bought a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 5,000 shares of the utilities provider's stock, valued at approximately $1,412,000. MYR Group comprises about 1.1% of Axiom Investment Management LLC's holdings, making the stock its 24th biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MYRG. Bank of America Corp DE raised its stake in shares of MYR Group by 4.2% in the first quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider's stock valued at $39,697,000 after acquiring an additional 5,667 shares during the period. Altshuler Shaham Ltd purchased a new position in MYR Group during the 1st quarter worth approximately $560,000. Amundi boosted its holdings in MYR Group by 44.3% during the first quarter. Amundi now owns 4,828 shares of the utilities provider's stock worth $1,363,000 after buying an additional 1,482 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of MYR Group by 23.9% during the first quarter. California State Teachers Retirement System now owns 18,260 shares of the utilities provider's stock valued at $5,155,000 after acquiring an additional 3,520 shares during the last quarter. Finally, Empowered Funds LLC purchased a new stake in MYR Group in the 1st quarter valued at $548,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Up 0.7%

Shares of NASDAQ MYRG opened at $333.22 on Friday. The company has a quick ratio of 1.31, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of 31.61 and a beta of 1.31. The company's fifty day moving average is $430.70 and its 200-day moving average is $349.26. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping 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 the consensus estimate of $995.74 million. During the same period in the previous year, the company earned $1.70 earnings per share. The firm's revenue for the quarter was up 20.1% on a year-over-year basis. Equities research analysts predict that MYR Group, Inc. will post 11.43 EPS for the current year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of several recent research reports. Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday. Zacks Research lowered MYR Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a report on Friday, July 17th. Finally, Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $426.00.

Insider Activity

In other news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were 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 $8,393,265.50. This trade represents a 15.81% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

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.

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