Meeder Asset Management Inc. Has $331,000 Stock Position in MYR Group, Inc. $MYRG

Meeder Asset Management Inc. lowered its position in MYR Group, Inc. (NASDAQ:MYRG) by 82.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,172 shares of the utilities provider’s stock after selling 5,608 shares during the period. Meeder Asset Management Inc.’s holdings in MYR Group were worth $331,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in shares of MYR Group by 212.2% during the fourth 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 in the last quarter. Parallel Advisors LLC lifted its holdings 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. Acumen Wealth Advisors LLC bought a new position in shares of MYR Group in the 4th quarter worth $35,000. Signaturefd LLC grew its position in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the period. Finally, Hantz Financial Services Inc. grew its position in MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Transactions at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction dated 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 directly 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MYRG shares. Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $389.83.

MYR Group Trading Up 2.5%

NASDAQ MYRG opened at $400.10 on Wednesday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $445.48 and a 200 day simple moving average of $342.58. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The firm has a market capitalization of $6.23 billion, a P/E ratio of 44.11 and a beta of 1.31.

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

MYR Group Company 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.