Acadian Asset Management LLC decreased its position in MYR Group, Inc. (NASDAQ:MYRG) by 54.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,375 shares of the utilities provider’s stock after selling 117,640 shares during the period. Acadian Asset Management LLC’s holdings in MYR Group were worth $3,082,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in MYR Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock worth $35,937,000 after buying an additional 29,806 shares during the last quarter. Macquarie Group Ltd. increased its stake in MYR Group by 15.5% in the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock worth $28,114,000 after buying an additional 91,962 shares during the last quarter. JPMorgan Chase & Co. increased its stake in MYR Group by 46.1% in the first quarter. JPMorgan Chase & Co. now owns 615,392 shares of the utilities provider’s stock worth $25,231,000 after buying an additional 194,092 shares during the last quarter. State Street Corp increased its stake in MYR Group by 6.3% in the first quarter. State Street Corp now owns 415,984 shares of the utilities provider’s stock worth $17,059,000 after buying an additional 24,657 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in MYR Group by 9.2% in the first quarter. AQR Capital Management LLC now owns 319,642 shares of the utilities provider’s stock worth $13,106,000 after buying an additional 26,817 shares during the last quarter. 89.05% of the stock is owned by institutional investors and hedge funds.

MYR Group, Inc. (NASDAQ MYRG) traded up 1.04% during mid-day trading on Friday, hitting $26.29. 102,744 shares of the stock were exchanged. The company has a 50-day moving average price of $31.06 and a 200-day moving average price of $35.68. MYR Group, Inc. has a one year low of $24.54 and a one year high of $43.77. The company has a market cap of $433.55 million, a P/E ratio of 26.11 and a beta of 0.35.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The business had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. During the same quarter last year, the firm earned $0.31 earnings per share. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. On average, analysts predict that MYR Group, Inc. will post $1.28 earnings per share for the current fiscal year.

MYR Group declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the utilities provider to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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A number of analysts have recently weighed in on MYRG shares. Canaccord Genuity decreased their price target on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research report on Friday. FBR & Co reissued an “outperform” rating and set a $37.00 price target (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target for the company in a research report on Friday, May 5th. TheStreet downgraded shares of MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Finally, Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. MYR Group has an average rating of “Hold” and a consensus target price of $40.00.

In other news, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the vice president now directly owns 68,295 shares in the company, valued at $2,048,850. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Gerald B. Jr. Engen sold 8,790 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total value of $274,511.70. Following the transaction, the vice president now owns 58,295 shares of the company’s stock, valued at $1,820,552.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,482 shares of company stock valued at $1,036,842. Corporate insiders own 5.00% of the company’s stock.

About MYR Group

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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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