At the moment, there are a multitude of methods shareholders can use to analyze their holdings. Two of the most under-the-radar are hedge fund and insider trading interest. At Insider Monkey, our research analyses have shown that, historically, those who follow the best picks of the best investment managers can trounce the market by a healthy amount (see just how much).
Just as important, positive insider trading sentiment is another way to break down the financial markets. Obviously, there are a number of incentives for an upper level exec to downsize shares of his or her company, but only one, very simple reason why they would initiate a purchase. Several academic studies have demonstrated the valuable potential of this method if piggybackers know what to do (learn more here).
Consequently, let’s take a peek at the recent action encompassing MYR Group Inc (NASDAQ:MYRG).
How have hedgies been trading MYR Group Inc (NASDAQ:MYRG)?
At Q1’s end, a total of 16 of the hedge funds we track were long in this stock, a change of -6% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of noteworthy hedge fund managers who were upping their holdings substantially.
When looking at the hedgies we track, Royce & Associates, managed by Chuck Royce, holds the most valuable position in MYR Group Inc (NASDAQ:MYRG). Royce & Associates has a $16.1 million position in the stock, comprising less than 0.1%% of its 13F portfolio. The second largest stake is held by Mark Broach of Manatuck Hill Partners, with a $10.4 million position; the fund has 1.3% of its 13F portfolio invested in the stock. Remaining peers with similar optimism include John A. Levin’s Levin Capital Strategies, Cliff Asness’s AQR Capital Management and Israel Englander’s Millennium Management.
Judging by the fact that MYR Group Inc (NASDAQ:MYRG) has experienced declining sentiment from the aggregate hedge fund industry, it’s safe to say that there exists a select few money managers that slashed their full holdings heading into Q2. It’s worth mentioning that Peter Algert and Kevin Coldiron’s Algert Coldiron Investors said goodbye to the largest position of the 450+ funds we monitor, worth an estimated $0.7 million in stock., and Israel Englander of Catapult Capital Management was right behind this move, as the fund sold off about $0.5 million worth. These moves are important to note, as aggregate hedge fund interest was cut by 1 funds heading into Q2.
How are insiders trading MYR Group Inc (NASDAQ:MYRG)?
Insider purchases made by high-level executives is particularly usable when the primary stock in question has seen transactions within the past six months. Over the latest 180-day time frame, MYR Group Inc (NASDAQ:MYRG) has experienced zero unique insiders purchasing, and 5 insider sales (see the details of insider trades here).
Let’s also take a look at hedge fund and insider activity in other stocks similar to MYR Group Inc (NASDAQ:MYRG). These stocks are Quanta Services Inc (NYSE:PWR), Emcor Group Inc (NYSE:EME), Integrated Electrical Services, Inc. (NASDAQ:IESC), Pike Electric Corporation (NYSE:PIKE), and Comfort Systems USA, Inc. (NYSE:FIX). This group of stocks are in the general contractors industry and their market caps are closest to MYRG’s market cap.
| Company Name | # of Hedge Funds | # of Insiders Buying | # of Insiders Selling |
| Quanta Services Inc (NYSE:PWR) | 35 | 0 | 15 |
| Emcor Group Inc (NYSE:EME) | 20 | 0 | 8 |
| Integrated Electrical Services, Inc. (NASDAQ:IESC) | 4 | 1 | 0 |
| Pike Electric Corporation (NYSE:PIKE) | 13 | 0 | 0 |
| Comfort Systems USA, Inc. (NYSE:FIX) | 7 | 0 | 5 |
With the results demonstrated by Insider Monkey’s studies, everyday investors must always pay attention to hedge fund and insider trading activity, and MYR Group Inc (NASDAQ:MYRG) applies perfectly to this mantra.
