Chase Investment Counsel Corp Invests $3.03 Million in MYR Group, Inc. $MYRG

Chase Investment Counsel Corp bought a new position in MYR Group, Inc. (NASDAQ:MYRG) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 10,731 shares of the utilities provider’s stock, valued at approximately $3,029,000.

A number of other institutional investors have also modified their holdings of the stock. Dimensional Fund Advisors LP increased its holdings in MYR Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider’s stock valued at $106,187,000 after buying an additional 10,198 shares during the last quarter. Parallel Advisors LLC lifted its holdings in MYR Group by 207.9% during 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 during the last quarter. SEB Asset Management AB bought a new position in MYR Group during the 1st quarter worth approximately $533,000. Swiss National Bank lifted its holdings in MYR Group by 0.3% during the 1st quarter. Swiss National Bank now owns 30,700 shares of the utilities provider’s stock worth $8,667,000 after buying an additional 100 shares during the last quarter. Finally, Hillsdale Investment Management Inc. grew its position in shares of MYR Group by 4.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 32,890 shares of the utilities provider’s stock worth $9,286,000 after acquiring an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Insider Activity at MYR Group

In other MYR Group 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 transaction, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction 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 transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $400.10 on Wednesday. The firm’s 50 day moving average is $445.48 and its two-hundred day moving average is $342.58. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The firm has a market capitalization of $6.23 billion, a P/E ratio of 44.11 and a beta of 1.31. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm posted $1.45 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. Analysts anticipate that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MYRG. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Robert W. Baird set a $373.00 price objective on MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $389.83.

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.