Chase Investment Counsel Corp Buys New Position in MYR Group, Inc. $MYRG

Key Points

• Chase Investment Counsel Corp opened a new position in MYR Group during the first quarter, buying 10,731 shares worth about $3.03 million.
• MYR Group reported strong quarterly results, with earnings of $2.99 per share versus the $2.09 estimate and revenue of $1 billion, up 20% year over year.
• Despite some mixed analyst views and insider selling, institutional ownership remains high at 88.9%, and the stock has traded between $171.51 and $503.57 over the past 12 months.

Chase Investment Counsel Corp acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 10,731 shares of the utilities provider's stock, valued at approximately $3,029,000. Chase Investment Counsel Corp owned 0.07% of MYR Group as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in MYRG. Geode Capital Management LLC boosted its position in MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after purchasing an additional 13,511 shares during the period. Hel Ved Capital Management Ltd purchased a new position in MYR Group in the fourth quarter valued at about $3,525,000. Louisiana State Employees Retirement System purchased a new position in MYR Group in the first quarter valued at about $1,948,000. Neumeier Poma Investment Counsel LLC lifted its stake in shares of MYR Group by 1.6% during the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 201,539 shares of the utilities provider's stock worth $44,036,000 after purchasing an additional 3,138 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock worth $276,501,000 after purchasing an additional 40,164 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $400.10 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The company's fifty day moving average price is $445.48 and its two-hundred day moving average price is $342.58. The firm has a market capitalization of $6.23 billion, a P/E ratio of 44.11 and a beta of 1.31. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same period last year, the firm earned $1.45 earnings per share. The company's revenue was up 20.0% on a year-over-year basis. On average, research analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MYRG. Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a report on Friday. Zacks Research lowered MYR Group from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 10th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. 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 company. According to data from MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and an average target price of $389.83.

Insider Transactions 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 stock was 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 owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

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.

Want to see what other hedge funds are holding MYRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MYR Group, Inc. (NASDAQ:MYRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.