Hillsdale Investment Management Inc. Trims Stake in MYR Group, Inc. $MYRG

Hillsdale Investment Management Inc. lowered its stake in MYR Group, Inc. (NASDAQ:MYRG) by 14.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 31,390 shares of the utilities provider’s stock after selling 5,250 shares during the quarter. Hillsdale Investment Management Inc.’s holdings in MYR Group were worth $6,859,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MYRG. Royal Bank of Canada lifted its stake in MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after buying an additional 2,205 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of 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. lifted its stake in shares of 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 purchased a new position in shares of MYR Group during the 2nd quarter worth $221,000. Finally, Invesco Ltd. lifted its stake in shares of 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. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. 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 research note on Monday, May 11th. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. The Goldman Sachs Group increased 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. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Trading Down 2.9%

MYRG stock opened at $465.06 on Friday. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 51.27 and a beta of 1.30. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $364.08 and a 200-day simple moving average of $285.14. MYR Group, Inc. has a 52 week low of $154.62 and a 52 week high of $484.71.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.45 EPS. On average, equities research analysts expect that MYR Group, Inc. will post 10.59 EPS for the current year.

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.