Dimensional Fund Advisors LP Increases Position in MYR Group Inc. (MYRG)
Dimensional Fund Advisors LP boosted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,571,771 shares of the company’s stock after buying an additional 91,135 shares during the period. Dimensional Fund Advisors LP owned approximately 9.79% of MYR Group worth $37,848,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in MYRG. SG Americas Securities LLC purchased a new position in shares of MYR Group during the second quarter worth approximately $127,000. Societe Generale purchased a new position in shares of MYR Group during the second quarter worth approximately $127,000. BNP Paribas Arbitrage SA raised its position in shares of MYR Group by 107.9% in the second quarter. BNP Paribas Arbitrage SA now owns 5,598 shares of the company’s stock worth $135,000 after buying an additional 2,906 shares during the last quarter. Royal Bank of Canada raised its position in shares of MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock worth $193,000 after buying an additional 325 shares during the last quarter. Finally, KBC Group NV raised its position in shares of MYR Group by 175.4% in the second quarter. KBC Group NV now owns 12,333 shares of the company’s stock worth $297,000 after buying an additional 7,855 shares during the last quarter. 90.18% of the stock is owned by institutional investors.
MYR Group Inc. (NASDAQ:MYRG) opened at 29.81 on Wednesday. The firm’s 50-day moving average price is $29.41 and its 200 day moving average price is $26.23. MYR Group Inc. has a 12-month low of $17.77 and a 12-month high of $30.94. The stock has a market capitalization of $478.54 million, a P/E ratio of 30.11 and a beta of 0.51.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The firm had revenue of $261.90 million for the quarter, compared to analyst estimates of $279.96 million. During the same quarter last year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts anticipate that MYR Group Inc. will post $1.14 EPS for the current year.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised MYR Group from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 price objective on shares of MYR Group in a research note on Sunday, August 7th. Maxim Group raised their price target on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Robert W. Baird lowered MYR Group from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $29.29.
In other news, insider Tod M. Cooper sold 9,212 shares of the stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the sale, the insider now directly owns 34,319 shares in the company, valued at $986,671.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman William A. Koertner sold 10,000 shares of the stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the chairman now owns 304,337 shares in the company, valued at $9,130,110. The disclosure for this sale can be found here. Company insiders own 10.40% of the company’s stock.
MYR Group Company Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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