Hawk Ridge Capital Management LP Increases Position in MYR Group, Inc. $MYRG

Hawk Ridge Capital Management LP boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 16.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,945 shares of the utilities provider's stock after buying an additional 18,748 shares during the period. MYR Group makes up about 1.3% of Hawk Ridge Capital Management LP's investment portfolio, making the stock its 28th largest holding. Hawk Ridge Capital Management LP owned 0.83% of MYR Group worth $36,686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its stake in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after acquiring an additional 104 shares during the last quarter. Parallel Advisors LLC raised its position in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after purchasing an additional 79 shares during the last quarter. Acumen Wealth Advisors LLC bought a new position in MYR Group in the 4th quarter worth about $35,000. Signaturefd LLC boosted its stake in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after purchasing an additional 65 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its position in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after purchasing an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MYRG. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research note on Friday, July 10th. Zacks Research lowered shares of MYR Group from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Robert W. Baird set a $373.00 price objective 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 research note on Friday, July 17th. Finally, Oppenheimer reissued a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and an average price target of $389.83.

Insider Activity at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business'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 transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

MYR Group Trading Down 2.7%

MYR Group stock opened at $369.00 on Tuesday. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The company has a market cap of $5.75 billion, a P/E ratio of 40.68 and a beta of 1.31. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a 50-day simple moving average of $439.60 and a two-hundred day simple moving average of $347.17.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm's revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.45 earnings per share. Analysts predict that MYR Group, Inc. will post 11.43 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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