22,800 Shares in MYR Group, Inc. $MYRG Purchased by Hennessy Advisors Inc.

Hennessy Advisors Inc. purchased a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 22,800 shares of the utilities provider’s stock, valued at approximately $11,409,000. Hennessy Advisors Inc. owned approximately 0.15% of MYR Group as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MYRG. Kilter Group LLC acquired a new position in shares of MYR Group in the second quarter valued at $25,000. Carolina Wealth Advisors LLC bought a new position in MYR Group during the second quarter worth about $30,000. Global Retirement Partners LLC acquired a new stake in MYR Group during the second quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its stake in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Finally, Parallel Advisors LLC raised 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 buying an additional 79 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MYRG shares. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Finally, The Goldman Sachs Group dropped their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

MYR Group Stock Down 4.8%

Shares of NASDAQ MYRG opened at $294.42 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 27.93 and a beta of 1.34. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The firm’s 50-day simple moving average is $380.81 and its 200 day simple moving average is $359.67.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. MYR Group’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.70 earnings per share. On average, research analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

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.