TimesSquare Capital Management LLC Acquires New Stake in MYR Group, Inc. $MYRG

Key Points

• TimesSquare Capital Management acquired 52,507 MYR Group shares worth approximately $26.3 million, giving it a 0.34% stake. Institutional investors and hedge funds collectively own 88.9% of the company.
• Analysts maintain a positive outlook, with MYR Group receiving a consensus “Moderate Buy” rating and an average price target of $451.20. Two directors recently sold shares, reducing insider ownership to 1.9%.
• MYR Group reported strong quarterly results, with adjusted earnings of $3.17 per share and revenue of $1.08 billion, exceeding estimates and rising 20.1% year over year.

TimesSquare Capital Management LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 52,507 shares of the utilities provider's stock, valued at approximately $26,275,000. TimesSquare Capital Management LLC owned approximately 0.34% of MYR Group as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Carolina Wealth Advisors LLC acquired a new position in MYR Group during the second quarter worth about $30,000. Global Retirement Partners LLC acquired a new stake in MYR Group in the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC raised its holdings in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. Parallel Advisors LLC lifted its stake in 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 in the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new position in MYR Group in the 4th quarter worth approximately $35,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MYRG. Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $375.00 price objective on MYR Group in a research report on Thursday, July 30th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $451.20.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 transaction, the director owned 5,579 shares of the company's stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value 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. This trade represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company's stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $340.78 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $5.31 billion, a P/E ratio of 32.33 and a beta of 1.34. The firm's 50 day moving average price is $404.17 and its 200-day moving average price is $356.93. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57.

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, beating the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter last year, the firm earned $1.70 EPS. The firm's revenue for the quarter was up 20.1% on a year-over-year basis. As a group, equities research analysts predict that MYR Group, Inc. will post 12.43 EPS for the current year.

About MYR Group

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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