Inspire Investing LLC grew its holdings in MYR Group, Inc. (NASDAQ:MYRG – Free Report) by 269.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,910 shares of the utilities provider’s stock after buying an additional 5,769 shares during the quarter. Inspire Investing LLC owned approximately 0.05% of MYR Group worth $2,233,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after buying an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC bought a new position in shares of MYR Group in the fourth quarter worth about $35,000. Signaturefd LLC raised its stake in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Hantz Financial Services Inc. lifted its position in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 160 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in MYR Group during the 4th quarter worth $66,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Stock Performance
MYRG stock opened at $500.40 on Wednesday. MYR Group, Inc. has a twelve month low of $171.51 and a twelve month high of $503.57. 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 $7.79 billion, a P/E ratio of 55.17 and a beta of 1.32. The business’s fifty day moving average is $435.71 and its 200-day moving average is $321.73.
Insider Transactions at MYR Group
In other MYR Group news, 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 transaction of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the 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 transaction, 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 position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
A number of brokerages have commented on MYRG. The Goldman Sachs Group increased their price objective on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on MYR Group in a research report on Thursday, April 30th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.17.
Get Our Latest Analysis on MYRG
MYR Group 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.
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