Y Intercept Hong Kong Ltd Buys New Stake in MYR Group, Inc. $MYRG

Key Points

• Y Intercept Hong Kong Ltd disclosed a new first-quarter stake in MYR Group, buying 4,485 shares valued at about $1.27 million.
• Analyst sentiment remains positive overall, with several firms issuing or updating targets and the consensus rating sitting at “Moderate Buy” with a consensus price target of $389.83.
• MYR Group recently reported better-than-expected quarterly results, including EPS of $2.99 versus the $2.09 estimate and revenue of $1.0 billion, up 20% year over year.

Y Intercept Hong Kong Ltd purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,485 shares of the utilities provider's stock, valued at approximately $1,266,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its position 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 period. Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 4th quarter worth about $35,000. Signaturefd LLC grew its position in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 65 shares during the period. Hantz Financial Services Inc. grew its position in shares of 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 acquiring an additional 160 shares during the period. Finally, Kestra Advisory Services LLC purchased a new position in shares of MYR Group in the 4th quarter valued at about $66,000. Institutional investors and hedge funds own 88.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MYRG shares. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday. Oppenheimer restated a "market perform" rating on shares of MYR Group in a research report on Thursday, June 11th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of "Moderate Buy" and a consensus target price of $389.83.

MYR Group Price Performance

Shares of MYRG traded down $11.57 during mid-day trading on Friday, hitting $419.34. 145,262 shares of the company were exchanged, compared to its average volume of 302,880. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a 50 day moving average of $451.09 and a 200-day moving average of $332.96. The stock has a market cap of $6.53 billion, a price-to-earnings ratio of 46.23 and a beta of 1.31.

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 the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $932.45 million. During the same period in the previous year, the firm posted $1.45 EPS. MYR Group's revenue was up 20.0% compared to the same quarter last year. Analysts expect that MYR Group, Inc. will post 11.43 EPS for the current fiscal year.

Insider Activity at MYR Group

In other news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director directly owned 5,579 shares of the company's stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business'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 value of $1,576,750.00. Following the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

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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