OP Asset Management Ltd Purchases Shares of 20,375 MYR Group, Inc. $MYRG

OP Asset Management Ltd acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the first quarter, HoldingsChannel.com reports. The firm acquired 20,375 shares of the utilities provider’s stock, valued at approximately $5,752,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of MYR Group by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after buying an additional 40,164 shares during the last quarter. Wellington Management Group LLP grew its stake in MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of MYR Group by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after purchasing an additional 21,304 shares during the period. Geode Capital Management LLC increased its position in MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after buying an additional 13,511 shares during the period. Finally, Principal Financial Group Inc. increased its position in MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock worth $84,998,000 after acquiring an additional 8,695 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MYR Group

In related news, 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction that occurred on 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 directly owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MYRG shares. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Finally, Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Trading Up 3.7%

Shares of MYRG opened at $487.33 on Friday. The firm has a fifty day simple moving average of $425.42 and a two-hundred day simple moving average of $316.14. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $491.61. The stock has a market capitalization of $7.59 billion, a P/E ratio of 53.73 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 announced its 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. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.45 EPS. On average, research analysts anticipate that MYR Group, Inc. will post 11.43 EPS for the current year.

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.