MYR Group, Inc. (NASDAQ:MYRG) Stake Increased by Teachers Advisors LLC
Teachers Advisors LLC boosted its stake in MYR Group, Inc. (NASDAQ:MYRG) by 41.3% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 84,677 shares of the utilities provider’s stock after buying an additional 24,753 shares during the period. Teachers Advisors LLC’s holdings in MYR Group were worth $3,472,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. LS Investment Advisors LLC boosted its stake in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 shares in the last quarter. Mason Street Advisors LLC boosted its stake in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after buying an additional 246 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in MYR Group during the first quarter valued at about $156,000. Capital Fund Management S.A. purchased a new stake in MYR Group during the first quarter valued at about $238,000. Finally, SG Americas Securities LLC boosted its stake in MYR Group by 3.7% in the first quarter. SG Americas Securities LLC now owns 6,587 shares of the utilities provider’s stock valued at $270,000 after buying an additional 233 shares in the last quarter. Institutional investors and hedge funds own 89.43% of the company’s stock.
MYR Group, Inc. (MYRG) traded up 0.68% during mid-day trading on Friday, reaching $25.09. 6,875 shares of the company’s stock traded hands. The stock has a 50 day moving average of $30.22 and a 200 day moving average of $35.20. MYR Group, Inc. has a 12-month low of $24.84 and a 12-month high of $43.77. The company has a market cap of $413.76 million, a P/E ratio of 24.92 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.27. The firm had revenue of $356.20 million during the quarter, compared to the consensus estimate of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The business’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.31 earnings per share. On average, equities research analysts predict that MYR Group, Inc. will post $0.88 earnings per share for the current fiscal year.
MYR Group declared that its board has authorized a share buyback program on Wednesday, August 2nd that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the utilities provider to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
Several research firms have issued reports on MYRG. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price on the stock in a research note on Monday, May 15th. Zacks Investment Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. FBR & Co reiterated an “outperform” rating and issued a $37.00 target price (down from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. Finally, Canaccord Genuity lowered their target price on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company’s stock. MYR Group has a consensus rating of “Hold” and an average price target of $40.00.
In other MYR Group news, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the vice president now directly owns 48,295 shares in the company, valued at $1,545,440. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction of $274,511.70. Following the completion of 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 sold 33,482 shares of company stock valued at $1,036,842. Company 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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