Hennessy Advisors Inc. Takes Position in MYR Group, Inc. $MYRG

Hennessy Advisors Inc. acquired a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 22,800 shares of the utilities provider’s stock, valued at approximately $11,409,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MYRG. Royal Bank of Canada boosted its holdings in MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after buying an additional 2,205 shares during the last quarter. AQR Capital Management LLC boosted its stake in 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 acquiring an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in 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 acquiring an additional 1,437 shares during the last quarter. Cetera Investment Advisers acquired a new position in MYR Group during the second quarter valued at approximately $221,000. Finally, Invesco Ltd. grew its holdings in MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after purchasing an additional 32,544 shares during the period. Institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MYRG. The Goldman Sachs Group cut their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday, July 30th. Finally, Cantor Fitzgerald raised their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $451.20.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred 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 sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

MYR Group Trading Down 4.8%

MYRG opened at $294.42 on Friday. The stock has a market capitalization of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The firm’s fifty day simple moving average is $380.81 and its 200 day simple moving average is $359.67.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (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 the consensus estimate of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter last year, the business posted $1.70 EPS. As a group, research analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

MYR Group Company 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.