Inspire Investing LLC Acquires 5,769 Shares of MYR Group, Inc. $MYRG

Key Points

• Inspire Investing LLC boosted its MYR Group stake by 269.5% in the first quarter, buying 5,769 additional shares and bringing its total holdings to 7,910 shares worth about $2.23 million.
• MYR Group reported strong quarterly results, with EPS of $2.99 topping estimates by $0.90 and revenue of $1 billion exceeding expectations. Revenue rose 20% year over year, and analysts now expect full-year EPS of 11.43.
• Two directors sold shares in June, including Donald C.I. Lucky and Kenneth Michael Hartwick, while institutional investors still own 88.90% of the stock and analysts maintain a Moderate Buy consensus with a $358.17 target price.

Inspire Investing LLC grew its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 269.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,910 shares of the utilities provider's stock after buying an additional 5,769 shares during the quarter. Inspire Investing LLC owned approximately 0.05% of MYR Group worth $2,233,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC bought a new position in shares of MYR Group in the fourth quarter worth about $35,000. Signaturefd LLC raised its stake in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Hantz Financial Services Inc. lifted its position in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock worth $48,000 after purchasing an additional 160 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in MYR Group during the 4th quarter worth $66,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Stock Performance

MYRG stock opened at $500.40 on Wednesday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. 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 company has a market cap of $7.79 billion, a P/E ratio of 55.17 and a beta of 1.32. The business's fifty day moving average is $435.71 and its 200-day moving average is $321.73.

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

Insider Transactions at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company'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 owned 5,579 shares of the company's stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction 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 transaction, the director owned 18,631 shares of the company's stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MYRG. The Goldman Sachs Group increased their price objective on MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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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