Axiom Investment Management LLC Takes $1.41 Million Position in MYR Group, Inc. $MYRG

Axiom Investment Management LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the first quarter, Holdings Channel.com reports. The firm bought 5,000 shares of the utilities provider’s stock, valued at approximately $1,412,000. MYR Group comprises 1.1% of Axiom Investment Management LLC’s investment portfolio, making the stock its 24th largest position.

Other large investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its stake in MYR Group by 212.2% during 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 period. Parallel Advisors LLC raised its stake in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC purchased a new stake in MYR Group in the 4th quarter worth $35,000. Signaturefd LLC boosted 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 last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in shares of 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 acquiring an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated 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 completion of the sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction 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 transaction, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

MYR Group Price Performance

Shares of MYRG opened at $333.22 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. The firm has a market capitalization of $5.19 billion, a PE ratio of 31.61 and a beta of 1.31. The stock’s 50 day moving average is $430.70 and its two-hundred day moving average is $349.26.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the previous year, the company posted $1.70 EPS. The business’s revenue was up 20.1% on a year-over-year basis. Research analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have commented on MYRG shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. 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 target price on MYR Group in a report on Thursday. Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday, July 10th. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and an average target price of $426.00.

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.