Aster Capital Management DIFC Ltd Acquires New Position in MYR Group, Inc. $MYRG

Aster Capital Management DIFC Ltd purchased a new position in MYR Group, Inc. (NASDAQ:MYRG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,281 shares of the utilities provider’s stock, valued at approximately $498,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MYRG. Wellington Management Group LLP boosted its stake in MYR Group by 69.2% in the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after purchasing an additional 255,493 shares during the period. Massachusetts Financial Services Co. MA bought a new position in MYR Group in the 4th quarter worth approximately $47,012,000. Vanguard Group Inc. boosted its stake in MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after purchasing an additional 157,157 shares during the period. Invesco Ltd. boosted its stake in MYR Group by 59.9% in the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the period. Finally, Squarepoint Ops LLC boosted its stake in MYR Group by 274.9% in the 3rd quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after purchasing an additional 89,044 shares during the period. 88.90% of the stock is currently owned by institutional investors.

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’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 sale, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have weighed in on MYRG. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group upped their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Stock Up 0.9%

Shares of MYRG opened at $449.94 on Tuesday. The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 49.61 and a beta of 1.32. MYR Group, Inc. has a 1 year low of $161.55 and a 1 year high of $484.71. The business’s 50 day simple moving average is $399.73 and its 200-day simple moving average is $302.54. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.45 EPS. As a group, equities analysts expect that MYR Group, Inc. will post 10.92 earnings per share for the current fiscal year.

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.