Cookson Peirce & Co. Inc. Invests $1.02 Million in MYR Group, Inc. $MYRG

Key Points

• Cookson Peirce & Co. Inc. opened a new position in MYR Group during the fourth quarter, buying 4,656 shares valued at about $1.02 million.
• Several other institutional investors also increased or initiated stakes in MYR Group, and institutions now own 88.90% of the company’s shares.
• MYR Group reported strong quarterly results, with earnings of $2.99 per share and revenue of $1 billion, both beating expectations; analysts currently rate the stock a Moderate Buy with an average price target of $358.17.

Cookson Peirce & Co. Inc. bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,656 shares of the utilities provider's stock, valued at approximately $1,017,000.

Several other large investors also recently made changes to their positions in MYRG. Farther Finance Advisors LLC grew its holdings in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Signaturefd LLC grew its holdings in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after purchasing an additional 65 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after acquiring an additional 160 shares during the last quarter. Johnson Financial Group Inc. bought a new position in MYR Group in the third quarter valued at about $74,000. Finally, USA Financial Formulas bought a new position in MYR Group in the fourth quarter valued at about $76,000. Institutional investors own 88.90% of the company's stock.

Insider Activity

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

MYR Group Price Performance

MYR Group stock opened at $445.66 on Monday. The business's 50-day simple moving average is $381.31 and its 200 day simple moving average is $293.29. The stock has a market cap of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a 12-month low of $158.48 and a 12-month high of $484.71. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last released 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 firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the firm posted $1.45 earnings per share. The company's quarterly revenue was up 20.0% on a year-over-year basis. As a group, research analysts anticipate that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a report on Tuesday, April 21st. Cantor Fitzgerald raised their price target on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a report on Monday, May 11th. Robert W. Baird set a $373.00 price target on MYR Group in a report on Thursday, April 30th. The Goldman Sachs Group raised their price target on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a report on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $358.17.

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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