Neumeier Poma Investment Counsel LLC Grows Stake in MYR Group, Inc. $MYRG

Neumeier Poma Investment Counsel LLC increased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 0.8% in the 2nd quarter, Holdings Channel reports. The firm owned 118,233 shares of the utilities provider’s stock after purchasing an additional 882 shares during the period. MYR Group accounts for 2.0% of Neumeier Poma Investment Counsel LLC’s investment portfolio, making the stock its 25th largest holding. Neumeier Poma Investment Counsel LLC’s holdings in MYR Group were worth $21,453,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Maseco LLP acquired a new stake in shares of MYR Group in the second quarter worth approximately $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in MYR Group during the second quarter worth approximately $34,000. UMB Bank n.a. boosted its stake in MYR Group by 266.0% during the second quarter. UMB Bank n.a. now owns 194 shares of the utilities provider’s stock worth $35,000 after buying an additional 141 shares during the last quarter. Quarry LP boosted its stake in MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after buying an additional 179 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in MYR Group by 92.7% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider’s stock valued at $39,000 after buying an additional 165 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MYRG shares. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Jefferies Financial Group began coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 price target for the company. The Goldman Sachs Group raised their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Finally, Stifel Nicolaus upped their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Three analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Hold” and an average price target of $201.67.

Insider Buying and Selling

In related news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.80% of the stock is owned by company insiders.

MYR Group Stock Up 0.7%

Shares of NASDAQ MYRG opened at $221.72 on Wednesday. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of 35.82 and a beta of 1.24. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $241.13. The business’s 50 day moving average is $206.45 and its two-hundred day moving average is $187.18.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business posted $0.65 earnings per share. Research analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.