Castleark Management LLC Buys Shares of 17,560 MYR Group, Inc. $MYRG

Castleark Management LLC bought a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 17,560 shares of the utilities provider’s stock, valued at approximately $4,958,000. Castleark Management LLC owned 0.11% of MYR Group at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MYRG. First Trust Advisors LP grew its stake in MYR Group by 23.5% in the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock worth $57,518,000 after buying an additional 38,726 shares in the last quarter. Geode Capital Management LLC raised its position in shares of MYR Group by 3.5% during the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd bought a new stake in shares of MYR Group during the 4th quarter worth $3,525,000. Hsbc Holdings PLC grew its position in MYR Group by 45.5% in the first quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock worth $2,542,000 after acquiring an additional 2,856 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in MYR Group in the first quarter worth $1,948,000. 88.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MYRG has been the subject of several research reports. Cantor Fitzgerald upped their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research note on Friday, July 10th. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and a consensus target price of $389.83.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $369.00 on Tuesday. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of 40.68 and a beta of 1.31. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company’s 50-day moving average is $439.60 and its 200 day moving average is $347.17.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.45 earnings per share. Sell-side analysts expect that MYR Group, Inc. will post 11.43 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.