Neumeier Poma Investment Counsel LLC Purchases 3,138 Shares of MYR Group, Inc. $MYRG

Neumeier Poma Investment Counsel LLC grew its position in MYR Group, Inc. (NASDAQ:MYRG) by 1.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201,539 shares of the utilities provider’s stock after purchasing an additional 3,138 shares during the period. MYR Group makes up approximately 3.6% of Neumeier Poma Investment Counsel LLC’s holdings, making the stock its 6th largest holding. Neumeier Poma Investment Counsel LLC owned approximately 1.30% of MYR Group worth $44,036,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of MYR Group by 0.9% in the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after purchasing an additional 4,203 shares in the last quarter. Teton Advisors LLC acquired a new position in shares of MYR Group in the 3rd quarter valued at about $1,248,000. Citigroup Inc. lifted its stake in shares of MYR Group by 66.3% in the 3rd quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after purchasing an additional 9,911 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of MYR Group by 119.9% in the 3rd quarter. New York State Common Retirement Fund now owns 34,827 shares of the utilities provider’s stock valued at $7,245,000 after purchasing an additional 18,986 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 value of $1,576,750.00. Following the completion of the sale, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s 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 of the company’s stock, valued at $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 currently owned by insiders.

MYR Group Stock Performance

Shares of MYRG opened at $451.40 on Friday. The business’s 50 day moving average is $378.10 and its two-hundred day moving average is $291.70. MYR Group, Inc. has a 52-week low of $158.48 and a 52-week high of $484.71. The firm has a market cap of $7.03 billion, a price-to-earnings ratio of 49.77 and a beta of 1.32. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same period in the previous year, the business earned $1.45 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. Analysts forecast that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MYRG shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Cantor Fitzgerald boosted their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Finally, Robert W. Baird set a $373.00 price target on 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 three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and an average price target of $358.17.

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.