Palisade Capital Management LP Invests $9.80 Million in MYR Group, Inc. $MYRG

Palisade Capital Management LP acquired a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, HoldingsChannel.com reports. The fund acquired 19,577 shares of the utilities provider’s stock, valued at approximately $9,796,000.

Other institutional investors have also made changes to their positions in the company. First Trust Advisors LP raised its holdings 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 acquiring an additional 38,726 shares during the period. Geode Capital Management LLC boosted its holdings in MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after acquiring an additional 13,511 shares during the period. Hel Ved Capital Management Ltd bought a new stake in MYR Group during the fourth quarter valued at about $3,525,000. BlackRock Inc. acquired a new stake in shares of MYR Group in the second quarter valued at about $1,232,294,000. Finally, Abacus FCF Advisors LLC acquired a new stake in shares of MYR Group in the second quarter valued at about $11,772,000. 88.90% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, 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 value of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction 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 sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% 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 insiders.

Analyst Upgrades and Downgrades

MYRG has been the subject of several research analyst reports. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. The Goldman Sachs Group lowered their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, August 16th. Cantor Fitzgerald upped their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, MYR Group has an average rating of “Moderate Buy” and a consensus price target of $451.20.

MYR Group Stock Down 3.0%

MYRG stock opened at $296.14 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 market cap of $4.61 billion, a PE ratio of 28.10 and a beta of 1.34. The business’s 50-day simple moving average is $389.81 and its 200 day simple moving average is $359.42. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.

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

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.