Traders Buy Large Volume of MYR Group Put Options (NASDAQ:MYRG)

Key Points

• Unusual options activity hit MYR Group, with traders buying 2,330 put options on Wednesday — about a 4,655% jump versus its average daily put volume.
• Shares rose 0.7% to $449.97, and the stock remains near its 52-week high of $484.71. MYR Group also posted strong quarterly results, beating EPS and revenue estimates with $2.99 EPS and $1 billion in revenue.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $358.17, though recent insider sales by two directors showed notable reductions in their holdings.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) was the recipient of some unusual options trading activity on Wednesday. Traders bought 2,330 put options on the stock. This represents an increase of approximately 4,655% compared to the average daily volume of 49 put options.

MYR Group Trading Up 0.7%

NASDAQ:MYRG traded up $3.20 during trading hours on Wednesday, reaching $449.97. The company's stock had a trading volume of 26,485 shares, compared to its average volume of 266,623. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 49.61 and a beta of 1.32. The firm has a 50-day simple moving average of $402.95 and a 200-day simple moving average of $304.13. MYR Group has a 1 year low of $165.00 and a 1 year high of $484.71. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results 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 last year, the firm earned $1.45 earnings per share. MYR Group's quarterly revenue was up 20.0% on a year-over-year basis. Research analysts expect that MYR Group will post 10.92 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several analyst reports. Cantor Fitzgerald raised their target price on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a research note on Monday, May 11th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a research note on Thursday, June 11th. The Goldman Sachs Group boosted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a "neutral" rating in a research report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price target on shares of 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 given a Hold rating to the company. According to data from MarketBeat, MYR Group has an average rating of "Moderate Buy" and a consensus price target of $358.17.

Insider Activity

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction dated 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 completion of the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC purchased a new position in shares of MYR Group during the 1st quarter worth approximately $548,000. Militia Capital Management LLC purchased a new position in shares of MYR Group during the first quarter valued at approximately $847,000. Parallel Advisors LLC increased its stake in shares of 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. Glenmede Trust Co. NA lifted its position in shares of MYR Group by 2.2% in the first quarter. Glenmede Trust Co. NA now owns 4,597 shares of the utilities provider's stock valued at $1,298,000 after acquiring an additional 100 shares in the last quarter. Finally, Axiom Investment Management LLC purchased a new stake in MYR Group during the 1st quarter valued at approximately $1,412,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

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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