Inspire Investing LLC Buys 5,060 Shares of MYR Group, Inc. $MYRG

Key Points

• Inspire Investing increased its MYR Group stake by 82.7% in the third quarter, adding 5,060 shares to hold 11,180 shares worth approximately $3.27 million. Institutional investors and hedge funds collectively own 88.9% of the company.
• MYR Group reported quarterly EPS of $3.17, exceeding estimates of $2.62, while revenue rose 20.1% year over year to $1.08 billion. Analysts expect full-year EPS of approximately $12.43.
• The stock opened at $254.49, well below its 12-month high of $503.57. Despite several recent rating downgrades, analysts maintain a “Moderate Buy” consensus with an average price target of $406.60.

Inspire Investing LLC increased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 82.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 11,180 shares of the utilities provider's stock after acquiring an additional 5,060 shares during the period. Inspire Investing LLC owned about 0.07% of MYR Group worth $3,270,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of MYRG. Curry Webb Wealth Management LLC acquired a new position in MYR Group during the third quarter worth $63,000. Reyes Financial Architecture Inc. acquired a new position in MYR Group during the third quarter worth approximately $47,000. Oakmont Investment Advisors Inc. acquired a new position in MYR Group during the third quarter worth approximately $231,000. Nisa Investment Advisors LLC raised its stake in MYR Group by 8.4% in the third quarter. Nisa Investment Advisors LLC now owns 5,426 shares of the utilities provider's stock valued at $1,587,000 after buying an additional 420 shares during the period. Finally, Diversify Advisory Services LLC bought a new stake in MYR Group in the third quarter valued at approximately $1,282,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $254.49 on Friday. The firm has a 50 day moving average of $293.94 and a 200-day moving average of $364.43. The stock has a market capitalization of $3.96 billion, a PE ratio of 24.15 and a beta of 1.32. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12 month low of $199.30 and a 12 month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly 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. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the prior year, the firm posted $1.70 EPS. The firm's quarterly revenue was up 20.1% on a year-over-year basis. On average, equities research analysts predict that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of research reports. Zacks Research cut shares of MYR Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, October 2nd. Stifel Nicolaus dropped their price target on shares of MYR Group from $445.00 to $393.00 and set a "buy" rating for the company in a research report on Thursday, October 8th. Robert W. Baird set a $375.00 price target on MYR Group in a research note on Thursday, July 30th. Weiss Ratings downgraded MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, September 2nd. Finally, Wall Street Zen lowered MYR Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $406.60.

About MYR Group

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.

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