LSV Asset Management boosted its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 152,427 shares of the utilities provider’s stock after purchasing an additional 4,100 shares during the period. LSV Asset Management owned 0.92% of MYR Group worth $4,728,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LS Investment Advisors LLC grew its position in MYR Group by 266.8% during the 1st quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 1,833 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of MYR Group by 82.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 1,462 shares in the last quarter. Mason Street Advisors LLC grew its holdings in shares of MYR Group by 7.0% during the 1st quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after acquiring an additional 246 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new position in shares of MYR Group during the 1st quarter valued at $156,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of MYR Group by 4.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 87.81% of the company’s stock.

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Several equities analysts have recently commented on the stock. FBR & Co lowered their price target on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a report on Friday, August 18th. Stifel Nicolaus restated a “hold” rating and set a $36.00 price target on shares of MYR Group in a report on Tuesday, August 29th. KeyCorp restated a “hold” rating on shares of MYR Group in a report on Friday, September 8th. Zacks Investment Research upgraded shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $34.60.

Shares of MYR Group, Inc. (MYRG) opened at 26.91 on Monday. The company has a 50-day moving average of $25.88 and a 200-day moving average of $32.70. The company has a market capitalization of $443.77 million, a PE ratio of 26.72 and a beta of 0.34. MYR Group, Inc. has a one year low of $23.00 and a one year high of $43.77.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.27). The business had revenue of $356.20 million during the quarter, compared to the consensus estimate of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period last year, the business posted $0.31 EPS. On average, analysts anticipate that MYR Group, Inc. will post $0.88 earnings per share for the current year.

MYR Group declared that its board has authorized a share repurchase plan on Wednesday, August 2nd that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the utilities provider to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the firm’s stock in a transaction 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 owns 48,295 shares of the company’s stock, valued at $1,545,440. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Gerald B. Jr. Engen sold 8,790 shares of the firm’s stock in a transaction on Wednesday, July 19th. The shares were 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 directly owns 58,295 shares of the company’s stock, valued at approximately $1,820,552.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,000 shares of company stock valued at $632,034. 5.00% of the stock is owned by insiders.

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.

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

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