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

Neumeier Poma Investment Counsel LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 99,937 shares of the utilities provider’s stock, valued at approximately $50,008,475. MYR Group comprises 0.0% of Neumeier Poma Investment Counsel LLC’s holdings, making the stock its 8th biggest position. Neumeier Poma Investment Counsel LLC owned about 0.64% of MYR Group at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Kilter Group LLC acquired a new position in MYR Group during the second quarter worth about $25,000. Bank of Montreal Can increased its position in shares of MYR Group by 0.8% during the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after buying an additional 50 shares during the period. Global Retirement Partners LLC purchased a new position in MYR Group in the 2nd quarter worth about $30,000. Carolina Wealth Advisors LLC purchased a new stake in shares of MYR Group during the second quarter worth about $30,000. Finally, Captrust Financial Advisors grew its holdings in MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after purchasing an additional 61 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 3.3%

MYR Group stock traded down $10.36 during midday trading on Friday, hitting $299.03. 184,391 shares of the company’s stock were exchanged, compared to its average volume of 280,396. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a 50-day moving average of $384.14 and a two-hundred day moving average of $360.13. The company has a market cap of $4.66 billion, a PE ratio of 28.37 and a beta of 1.34. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month 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, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company’s quarterly revenue was up 20.1% on a year-over-year basis. During the same period last year, the business posted $1.70 earnings per share. As a group, analysts expect that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’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 transaction of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group 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 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by insiders.

Analysts Set New Price Targets

MYRG has been the subject of several research reports. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Stifel Nicolaus set a $503.00 target price on MYR Group in a report on Monday, May 4th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Finally, Cantor Fitzgerald boosted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Two research 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $451.20.

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.