Teachers Advisors LLC Boosts Holdings in MYR Group, Inc. (MYRG)
Teachers Advisors LLC raised its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 11.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 94,672 shares of the utilities provider’s stock after acquiring an additional 9,995 shares during the period. Teachers Advisors LLC owned approximately 0.57% of MYR Group worth $2,937,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of MYRG. Bank of New York Mellon Corp grew its position in MYR Group by 8.2% during the first quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock valued at $9,129,000 after acquiring an additional 16,805 shares during the period. Comerica Bank grew its position in MYR Group by 3.7% during the first quarter. Comerica Bank now owns 17,706 shares of the utilities provider’s stock valued at $762,000 after acquiring an additional 624 shares during the period. Karp Capital Management Corp purchased a new stake in MYR Group during the first quarter valued at about $526,000. Ameriprise Financial Inc. grew its position in MYR Group by 16.8% during the first quarter. Ameriprise Financial Inc. now owns 150,603 shares of the utilities provider’s stock valued at $6,173,000 after acquiring an additional 21,703 shares during the period. Finally, State of Tennessee Treasury Department grew its position in MYR Group by 17.8% during the first quarter. State of Tennessee Treasury Department now owns 15,041 shares of the utilities provider’s stock valued at $617,000 after acquiring an additional 2,270 shares during the period. 87.81% of the stock is owned by hedge funds and other institutional investors.
In other MYR Group 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 transaction, the vice president now directly owns 48,295 shares of the company’s stock, valued at $1,545,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 5.00% of the company’s stock.
A number of research firms have issued reports on MYRG. Stifel Nicolaus reissued a “hold” rating and set a $36.00 price target on shares of MYR Group in a research report on Tuesday, August 29th. Canaccord Genuity decreased their target price on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 5th. FBR & Co decreased their target price on MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a research report on Friday, August 18th. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a research report on Friday, September 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $31.50.
Shares of MYR Group, Inc. (NASDAQ:MYRG) opened at 30.53 on Wednesday. The stock has a market cap of $503.47 million, a P/E ratio of 30.32 and a beta of 0.37. The stock has a 50 day moving average price of $27.59 and a 200 day moving average price of $31.05. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.27). The business had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The company’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. Equities analysts anticipate that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group declared that its board has approved a stock buyback program on Wednesday, August 2nd that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors 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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