Cookson Peirce & Co. Inc. Buys Shares of 4,656 MYR Group, Inc. $MYRG

Cookson Peirce & Co. Inc. purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 4,656 shares of the utilities provider’s stock, valued at approximately $1,017,000.

Other hedge funds also recently modified their holdings of the company. Farther Finance Advisors LLC raised its position in shares of MYR Group by 212.2% during the fourth 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 period. Signaturefd LLC raised its position in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the period. Hantz Financial Services Inc. raised its position in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 160 shares during the period. Johnson Financial Group Inc. acquired a new stake in shares of MYR Group during the third quarter worth about $74,000. Finally, USA Financial Formulas acquired a new stake in shares of MYR Group during the fourth quarter worth about $76,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG stock opened at $445.66 on Monday. 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 50 day moving average price of $381.31 and a two-hundred day moving average price of $293.29. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. MYR Group, Inc. has a twelve month low of $158.48 and a twelve month high of $484.71.

MYR Group (NASDAQ:MYRG) last posted its quarterly 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 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 was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $1.45 earnings per share. Analysts anticipate that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.

Insider Buying and Selling

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’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 owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This 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.

Analyst Ratings Changes

A number of research firms have recently commented on MYRG. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. The Goldman Sachs Group increased their price objective on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and a consensus price target of $358.17.

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.