MYR Group, Inc. $MYRG Shares Sold by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. decreased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 14.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,390 shares of the utilities provider’s stock after selling 5,250 shares during the period. Hillsdale Investment Management Inc. owned approximately 0.20% of MYR Group worth $6,859,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. Royal Bank of Canada increased its position in MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after purchasing an additional 2,205 shares during the period. AQR Capital Management LLC increased its position in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock worth $1,232,000 after purchasing an additional 6,044 shares during the period. Goldman Sachs Group Inc. increased its position in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares during the period. Cetera Investment Advisers acquired a new position in MYR Group during the 2nd quarter worth approximately $221,000. Finally, Invesco Ltd. increased its position in MYR Group by 26.9% during the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after purchasing an additional 32,544 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $465.06 on Friday. MYR Group, Inc. has a 12 month low of $154.62 and a 12 month high of $484.71. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The business’s 50 day simple moving average is $364.08 and its 200-day simple moving average is $285.14. The firm has a market capitalization of $7.24 billion, a price-to-earnings ratio of 51.27 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) 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 firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the company earned $1.45 EPS. MYR Group’s revenue was up 20.0% on a year-over-year basis. As a group, equities analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. The Goldman Sachs Group boosted their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. 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 note on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $358.17.

About MYR Group

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.