Palisade Capital Management LP Makes New $9.80 Million Investment in MYR Group, Inc. $MYRG

Key Points

• Palisade Capital Management initiated a $9.8 million position in MYR Group during the second quarter, acquiring 19,577 shares. Institutional investors collectively own 88.9% of the company.
• Analysts maintain a generally positive outlook, with MYR Group carrying a consensus “Moderate Buy” rating and an average price target of $451.20, despite Goldman Sachs lowering its target to $422.
• MYR Group exceeded quarterly expectations, reporting $3.17 in earnings per share versus the $2.62 estimate and $1.08 billion in revenue, up 20.1% year over year. However, two directors sold a combined 18,175 shares in June.

Palisade Capital Management LP bought a new position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 19,577 shares of the utilities provider's stock, valued at approximately $9,796,000. Palisade Capital Management LP owned approximately 0.13% of MYR Group at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Kilter Group LLC purchased a new stake in shares of MYR Group in the 2nd quarter valued at approximately $25,000. Carolina Wealth Advisors LLC purchased a new position in MYR Group during the 2nd quarter worth approximately $30,000. Global Retirement Partners LLC acquired a new stake in MYR Group during the 2nd quarter valued at $30,000. Farther Finance Advisors LLC raised its stake in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 104 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group lowered their price target on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Sunday, August 16th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of MYR Group in a research note on Friday, July 17th. Jefferies Financial Group set a $392.00 target price on MYR Group in a report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $451.20.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $296.14 on Wednesday. The business's 50-day moving average price is $389.81 and its two-hundred day moving average price is $359.42. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a market capitalization of $4.61 billion, a P/E ratio of 28.10 and a beta of 1.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted 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. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business's quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business earned $1.70 EPS. Analysts anticipate that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

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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