Kornitzer Capital Management Inc. KS Sells 13,205 Shares of MYR Group, Inc. $MYRG

Kornitzer Capital Management Inc. KS trimmed its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 49.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 13,275 shares of the utilities provider’s stock after selling 13,205 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in MYR Group were worth $3,882,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of MYR Group in the 2nd quarter valued at about $1,232,294,000. Bank of America Corp DE purchased a new position in MYR Group during the second quarter worth approximately $61,365,000. Bank of New York Mellon Corp purchased a new position in MYR Group during the second quarter worth approximately $53,361,000. Neumeier Poma Investment Counsel LLC purchased a new position in MYR Group during the second quarter worth approximately $50,008,475. Finally, Congress Asset Management Co. grew its holdings in MYR Group by 94.7% in the third quarter. Congress Asset Management Co. now owns 143,103 shares of the utilities provider’s stock valued at $41,852,000 after purchasing an additional 69,594 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MYRG shares. Jefferies Financial Group upgraded MYR Group from a “hold” rating to a “buy” rating and cut their price objective for the company from $377.00 to $370.00 in a research report on Tuesday, October 6th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $331.00 target price on shares of MYR Group in a research note on Thursday, October 22nd. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $361.00 target price on the stock in a research report on Thursday. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, Weiss Ratings cut shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 2nd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $397.00.

MYR Group Stock Performance

MYRG opened at $262.91 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.33. The company’s 50 day simple moving average is $285.67 and its two-hundred day simple moving average is $334.12. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 21.36 and a beta of 1.36. MYR Group, Inc. has a 1-year low of $199.30 and a 1-year high of $503.57.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.97 by $0.85. MYR Group had a return on equity of 26.32% and a net margin of 4.48%. The business had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company earned $2.05 EPS. The company’s revenue for the quarter was up 32.5% on a year-over-year basis. Analysts expect that MYR Group, Inc. will post 13.46 EPS for the current fiscal year.

MYR Group Profile

MYR Group Inc is a specialty electrical construction company that provides services through subsidiaries across the United States and Canada. Its work includes the engineering, construction, and maintenance of electrical infrastructure for utilities and other customers.

The company operates through Transmission and Distribution and Commercial and Industrial segments. Transmission and Distribution projects include electric transmission and distribution lines, substations, and related infrastructure, as well as maintenance and emergency restoration work.