ACK Asset Management LLC Sells 13,900 Shares of MYR Group, Inc. $MYRG

ACK Asset Management LLC reduced its stake in MYR Group, Inc. (NASDAQ:MYRG) by 5.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 265,200 shares of the utilities provider’s stock after selling 13,900 shares during the quarter. MYR Group comprises 6.3% of ACK Asset Management LLC’s holdings, making the stock its 6th largest position. ACK Asset Management LLC owned 1.71% of MYR Group worth $48,121,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of MYRG. Maseco LLP acquired a new position in shares of MYR Group in the second quarter valued at approximately $28,000. Quarry LP lifted its holdings in MYR Group by 190.4% during the 1st quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 179 shares during the last quarter. MAI Capital Management boosted its stake in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in MYR Group in the 2nd quarter valued at $34,000. Finally, Elevation Point Wealth Partners LLC bought a new position in MYR Group during the 2nd quarter worth $34,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, COO Don A. Egan sold 2,900 shares of the company’s 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 completion of the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 1.80% of the company’s stock.

MYR Group Trading Up 2.5%

Shares of MYRG opened at $221.65 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group, Inc. has a 52-week low of $97.72 and a 52-week high of $241.13. The firm has a market cap of $3.44 billion, a price-to-earnings ratio of 35.81 and a beta of 1.24. The business’s fifty day moving average is $211.50 and its 200-day moving average is $189.61.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on MYRG. Jefferies Financial Group started coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 target price for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a report on Tuesday. The Goldman Sachs Group raised their target price on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Finally, Stifel Nicolaus increased their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, MYR Group currently has a consensus rating of “Hold” and an average target price of $201.67.

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.