Globeflex Capital L P Makes New $6.04 Million Investment in MYR Group, Inc. $MYRG

Globeflex Capital L P bought a new stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 12,073 shares of the utilities provider's stock, valued at approximately $6,041,000. Globeflex Capital L P owned 0.08% of MYR Group as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Kilter Group LLC bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $25,000. Bank of Montreal Can increased its stake in MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider's stock valued at $1,319,000 after acquiring an additional 50 shares during the last quarter. Global Retirement Partners LLC bought a new position in MYR Group in the second quarter valued at approximately $30,000. Carolina Wealth Advisors LLC acquired a new position in MYR Group during the second quarter valued at approximately $30,000. Finally, Captrust Financial Advisors raised its position in MYR Group by 0.7% during the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider's stock valued at $1,869,000 after purchasing an additional 61 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of research analyst reports. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Robert W. Baird set a $375.00 price objective on MYR Group in a research note on Thursday, July 30th. Finally, Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $451.20.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $310.87 on Monday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market cap of $4.84 billion, a price-to-earnings ratio of 29.49 and a beta of 1.34. The firm has a 50 day simple moving average of $395.71 and a 200 day simple moving average of $358.80.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted 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. The firm had revenue of $1.08 billion for the quarter, compared to analysts' expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company's revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.70 earnings per share. Research analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Insider Buying and Selling at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction 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 sale, the director owned 5,579 shares of the company's stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business's stock in a transaction 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 position. Additional details regarding this sale are available in the official SEC disclosure. 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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