Hillsdale Investment Management Inc. Boosts Stake in MYR Group, Inc. $MYRG

Hillsdale Investment Management Inc. lifted its position in MYR Group, Inc. (NASDAQ:MYRG) by 4.8% in the first quarter, Holdings Channel reports. The firm owned 32,890 shares of the utilities provider’s stock after acquiring an additional 1,500 shares during the period. Hillsdale Investment Management Inc.’s holdings in MYR Group were worth $9,286,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its holdings in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after acquiring an additional 13,511 shares during the period. Hel Ved Capital Management Ltd acquired a new position in shares of MYR Group in the 4th quarter valued at $3,525,000. Neumeier Poma Investment Counsel LLC increased its holdings in shares of MYR Group by 1.6% in the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 201,539 shares of the utilities provider’s stock valued at $44,036,000 after acquiring an additional 3,138 shares during the period. Vanguard Group Inc. raised its position in MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in MYR Group in the 1st quarter valued at $1,948,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Activity

In other MYR Group news, 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 transaction of $1,576,750.00. Following the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 value of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by insiders.

MYR Group Stock Performance

NASDAQ:MYRG opened at $411.89 on Tuesday. The firm’s fifty day moving average price is $451.23 and its 200 day moving average price is $335.00. 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 current ratio of 1.31 and a quick ratio of 1.31. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 45.41 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.45 EPS. On average, sell-side analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on MYRG shares. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday. Finally, Cantor Fitzgerald boosted their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Two equities research 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $389.83.

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.