Y Intercept Hong Kong Ltd Buys Shares of 3,643 MYR Group, Inc. $MYRG

Y Intercept Hong Kong Ltd bought a new stake in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,643 shares of the utilities provider’s stock, valued at approximately $661,000.

Several other hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in MYR Group by 11.7% in the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider’s stock valued at $51,141,000 after buying an additional 47,445 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MYR Group by 214.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock valued at $34,215,000 after buying an additional 206,369 shares during the period. Hawk Ridge Capital Management LP increased its holdings in MYR Group by 30.1% in the 1st quarter. Hawk Ridge Capital Management LP now owns 298,436 shares of the utilities provider’s stock valued at $33,750,000 after buying an additional 69,100 shares during the period. Jacobs Levy Equity Management Inc. increased its holdings in MYR Group by 3.6% in the 1st quarter. Jacobs Levy Equity Management Inc. now owns 285,954 shares of the utilities provider’s stock valued at $32,339,000 after buying an additional 9,818 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in MYR Group by 4.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 252,172 shares of the utilities provider’s stock valued at $28,518,000 after buying an additional 9,971 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Up 2.5%

NASDAQ:MYRG opened at $235.79 on Thursday. The firm’s 50 day simple moving average is $198.31 and its 200 day simple moving average is $180.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The company has a market cap of $3.66 billion, a PE ratio of 38.09 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The business had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same period last year, the company earned $0.65 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. On average, research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. The Goldman Sachs Group raised their target price on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Stifel Nicolaus raised their price target on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Jefferies Financial Group initiated coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 price target on the stock. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $194.50.

MYR Group Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.