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

Castleark Management LLC acquired a new stake in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 24,920 shares of the utilities provider’s stock, valued at approximately $12,470,000. Castleark Management LLC owned 0.16% of MYR Group at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MYRG. Kilter Group LLC purchased a new position in shares of MYR Group in the 2nd quarter worth about $25,000. Carolina Wealth Advisors LLC purchased a new stake in MYR Group during the second quarter worth about $30,000. Global Retirement Partners LLC purchased a new stake in MYR Group during the second quarter worth about $30,000. Farther Finance Advisors LLC raised its position in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the period. Finally, Parallel Advisors LLC boosted its stake in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MYRG shares. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Finally, Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction 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. The trade was a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

MYR Group Stock Performance

Shares of MYRG opened at $296.14 on Wednesday. MYR Group, Inc. has a 52-week low of $171.51 and a 52-week high of $503.57. The stock’s 50-day simple moving average is $389.81 and its 200 day simple moving average is $359.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market capitalization of $4.61 billion, a price-to-earnings ratio of 28.10 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the firm earned $1.70 EPS. The company’s quarterly revenue was up 20.1% compared to the same quarter last year. Research analysts forecast that MYR Group, Inc. will post 12.43 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.