Neumeier Poma Investment Counsel LLC Purchases New Position in MYR Group, Inc. $MYRG

Neumeier Poma Investment Counsel LLC purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 99,937 shares of the utilities provider’s stock, valued at approximately $50,008,475,000. MYR Group makes up 3.4% of Neumeier Poma Investment Counsel LLC’s holdings, making the stock its 8th biggest holding. Neumeier Poma Investment Counsel LLC owned about 0.64% of MYR Group as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Kilter Group LLC bought a new stake in MYR Group in the second quarter worth $25,000. Global Retirement Partners LLC purchased a new position in shares of MYR Group in the 2nd quarter worth approximately $30,000. Carolina Wealth Advisors LLC purchased a new position in MYR Group during the second quarter worth $30,000. Allworth Financial LP bought a new position in MYR Group during the 2nd quarter valued at about $40,000. Finally, Parallel Advisors LLC grew its stake in shares of MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on MYRG shares. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. The Goldman Sachs Group decreased their price objective 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 price objective on shares of MYR Group in a research note on Monday, May 4th. Jefferies Financial Group set a $392.00 target price on MYR Group in a report on Friday, July 10th. Finally, Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Performance

Shares of MYR Group stock opened at $310.87 on Monday. The company has a 50 day moving average price of $395.71 and a 200 day moving average price of $358.80. The firm has a market capitalization of $4.84 billion, a P/E ratio of 29.49 and a beta of 1.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the previous year, the firm earned $1.70 EPS. MYR Group’s revenue was up 20.1% compared to the same quarter last year. Sell-side analysts expect that MYR Group, Inc. will post 12.43 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.