Abacus FCF Advisors LLC Acquires New Shares in MYR Group, Inc. $MYRG

Key Points

• Abacus FCF Advisors acquired 23,526 MYR Group shares worth approximately $11.8 million, making the stock 2.2% of its portfolio. Institutional investors and hedge funds collectively own 88.9% of MYRG.
• MYR Group reported quarterly EPS of $3.17, beating estimates by $0.55, while revenue rose 20.1% year over year to $1.08 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $451.20.
• Two directors sold a combined 18,175 shares on June 3, significantly reducing their holdings. MYRG opened at $325.99, below its 50-day average of $400.55 and 12-month high of $503.57.

Abacus FCF Advisors LLC acquired a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 23,526 shares of the utilities provider's stock, valued at approximately $11,772,000. MYR Group makes up approximately 2.2% of Abacus FCF Advisors LLC's investment portfolio, making the stock its 17th largest position. Abacus FCF Advisors LLC owned approximately 0.15% of MYR Group at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Great Lakes Advisors LLC acquired a new stake in shares of MYR Group in the second quarter worth about $3,592,000. Timothy G. Youngquist 2020 Irrevocable Trust acquired a new position in shares of MYR Group during the 2nd quarter valued at about $1,046,000. Meeder Asset Management Inc. bought a new position in shares of MYR Group in the 2nd quarter valued at approximately $2,746,000. BlackRock Inc. bought a new position in shares of MYR Group in the 2nd quarter valued at approximately $1,232,294,000. Finally, Pallas Capital Advisors LLC acquired a new stake in MYR Group in the 2nd quarter worth approximately $320,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director owned 18,631 shares of the company's stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the company's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have commented on MYRG shares. The Goldman Sachs Group lowered their price target on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Zacks Research upgraded shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Finally, Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $451.20.

MYR Group Stock Up 0.6%

NASDAQ MYRG opened at $325.99 on Thursday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The stock has a market cap of $5.08 billion, a PE ratio of 30.93 and a beta of 1.34. The firm has a 50-day simple moving average of $400.55 and a 200 day simple moving average of $357.94. 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 (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same period in the previous year, the company posted $1.70 earnings per share. The company's quarterly revenue was up 20.1% compared to the same quarter last year. On average, research analysts forecast that MYR Group, Inc. will post 12.43 EPS 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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