QS Investors LLC Has $3.06 Million Holdings in MYR Group, Inc. (MYRG)
QS Investors LLC lessened its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 98,625 shares of the utilities provider’s stock after selling 5,323 shares during the period. QS Investors LLC owned 0.60% of MYR Group worth $3,059,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in MYRG. Great West Life Assurance Co. Can grew its holdings in MYR Group by 4.6% during the 1st quarter. Great West Life Assurance Co. Can now owns 22,086 shares of the utilities provider’s stock worth $905,000 after acquiring an additional 967 shares during the period. Bank of New York Mellon Corp grew its holdings in MYR Group by 8.2% during the 1st quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock worth $9,129,000 after acquiring an additional 16,805 shares during the period. Comerica Bank grew its holdings in MYR Group by 3.7% during the 1st quarter. Comerica Bank now owns 17,706 shares of the utilities provider’s stock worth $762,000 after acquiring an additional 624 shares during the period. Karp Capital Management Corp acquired a new stake in MYR Group during the 1st quarter worth $526,000. Finally, Ameriprise Financial Inc. grew its holdings in MYR Group by 16.8% during the 1st quarter. Ameriprise Financial Inc. now owns 150,603 shares of the utilities provider’s stock worth $6,173,000 after acquiring an additional 21,703 shares during the period. 87.81% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have commented on the stock. KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a report on Friday, September 8th. Stifel Nicolaus reissued a “hold” rating and issued a $29.00 price target (down previously from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. Robert W. Baird reissued a “buy” rating and issued a $34.00 price target on shares of MYR Group in a report on Tuesday, September 5th. FBR & Co decreased their price target on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, August 18th. Finally, Zacks Investment Research lowered shares of MYR Group from a “hold” rating to a “strong sell” rating in a report on Saturday, August 5th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. MYR Group currently has a consensus rating of “Hold” and a consensus price target of $31.50.
In other news, VP Gerald B. Jr. Engen sold 10,000 shares of the stock in a transaction on Friday, July 28th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the vice president now directly owns 48,295 shares in the company, valued at $1,545,440. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Gerald B. Jr. Engen sold 1,210 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $31.01, for a total transaction of $37,522.10. Following the sale, the vice president now owns 68,185 shares of the company’s stock, valued at $2,114,416.85. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,000 shares of company stock valued at $632,034. 5.00% of the stock is currently owned by corporate insiders.
MYR Group, Inc. (NASDAQ MYRG) opened at 29.60 on Thursday. The stock has a 50 day moving average of $26.13 and a 200 day moving average of $31.60. MYR Group, Inc. has a one year low of $23.00 and a one year high of $43.77. The firm has a market cap of $488.13 million, a price-to-earnings ratio of 29.39 and a beta of 0.37.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.27). MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The firm had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. During the same quarter last year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities research analysts predict that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group announced that its board has authorized a stock buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in shares. This buyback authorization permits the utilities provider to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
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). 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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