Castleark Management LLC Makes New $4.96 Million Investment in MYR Group, Inc. $MYRG

Castleark Management LLC acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 17,560 shares of the utilities provider’s stock, valued at approximately $4,958,000.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP increased 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 during the period. Geode Capital Management LLC lifted its holdings in 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 purchased a new stake in MYR Group in the 4th quarter valued at about $3,525,000. Hsbc Holdings PLC boosted its position in MYR Group by 45.5% in the 1st quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock valued at $2,542,000 after buying an additional 2,856 shares during the period. Finally, Louisiana State Employees Retirement System bought a new position in MYR Group in the 1st quarter worth about $1,948,000. Institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MYRG shares. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $373.00 price target on MYR Group in a research report on Thursday, April 30th. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. 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 company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $389.83.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction 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 sale, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

MYR Group Stock Down 2.7%

Shares of MYR Group stock opened at $369.00 on Tuesday. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The company has a market cap of $5.75 billion, a P/E ratio of 40.68 and a beta of 1.31. The firm’s 50 day moving average price is $439.60 and its 200-day moving average price is $347.17. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The company 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%. MYR Group’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.45 earnings per share. On average, sell-side analysts predict 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.