Inspire Investing LLC Buys 5,769 Shares of MYR Group, Inc. $MYRG

Inspire Investing LLC boosted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 269.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,910 shares of the utilities provider’s stock after purchasing an additional 5,769 shares during the period. Inspire Investing LLC’s holdings in MYR Group were worth $2,233,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of MYRG. Wellington Management Group LLP increased its position in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of MYR Group in the 4th quarter valued at approximately $47,012,000. Invesco Ltd. boosted its holdings in shares of MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after buying an additional 91,923 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after buying an additional 89,044 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of MYR Group in the second quarter valued at $13,609,000. 88.90% of the stock is currently owned by institutional investors.

MYR Group Price Performance

Shares of MYRG opened at $500.40 on Wednesday. The company’s 50-day moving average is $435.71 and its 200-day moving average is $321.73. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market capitalization of $7.79 billion, a PE ratio of 55.17 and a beta of 1.32. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the previous year, the firm posted $1.45 EPS. MYR Group’s revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

Analyst Upgrades and Downgrades

MYRG has been the topic of several analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group upped their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Finally, Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.17.

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the 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 transaction, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

About MYR Group

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.