Meeder Asset Management Inc. Makes New $2.75 Million Investment in MYR Group, Inc. $MYRG

Meeder Asset Management Inc. bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 5,488 shares of the utilities provider’s stock, valued at approximately $2,746,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Carolina Wealth Advisors LLC purchased a new stake in MYR Group during the 2nd quarter valued at about $30,000. Global Retirement Partners LLC purchased a new position in MYR Group in the 2nd quarter worth approximately $30,000. Farther Finance Advisors LLC boosted its holdings in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the last quarter. Parallel Advisors LLC boosted its holdings in shares of 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 purchasing an additional 79 shares during the last quarter. Finally, Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group in the fourth quarter valued at approximately $35,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MYR Group

In other news, 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 transaction of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% 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.

MYR Group Stock Down 5.0%

Shares of NASDAQ MYRG opened at $323.89 on Wednesday. The company has a 50 day simple moving average of $402.18 and a 200-day simple moving average of $357.44. The company has a market capitalization of $5.04 billion, a P/E ratio of 30.73 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group, Inc. has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate of $2.62 by $0.55. The firm 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%. The business’s revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.70 EPS. On average, equities research analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current year.

Analysts Set New Price Targets

MYRG has been the subject of several recent research reports. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. The Goldman Sachs Group dropped their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday, August 13th. Stifel Nicolaus set a $503.00 target price on MYR Group in a research note on Monday, May 4th. Finally, Jefferies Financial Group set a $392.00 price target on MYR Group in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $451.20.

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.