MYR Group Inc. (MYRG) Chairman Sells $300,000.00 in Stock
MYR Group Inc. (NASDAQ:MYRG) Chairman William A. Koertner sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the chairman now owns 304,337 shares of the company’s stock, valued at $9,130,110. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.
MYR Group Inc. (NASDAQ:MYRG) opened at 29.63 on Friday. The company has a market cap of $475.65 million, a price-to-earnings ratio of 29.93 and a beta of 0.67. The stock has a 50 day moving average of $28.91 and a 200-day moving average of $25.75. MYR Group Inc. has a 52-week low of $17.77 and a 52-week high of $30.19.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The company earned $261.90 million during the quarter, compared to the consensus estimate of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The business’s revenue was down 5.3% compared to the same quarter last year. During the same period last year, the company earned $0.38 earnings per share. On average, analysts forecast that MYR Group Inc. will post $1.14 EPS for the current year.
Several research firms recently commented on MYRG. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and raised their price target for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Canaccord Genuity restated a “buy” rating and set a $32.00 price target on shares of MYR Group in a report on Sunday, August 7th. Maxim Group raised their price target on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Zacks Investment Research upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Friday, July 15th. Six equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. MYR Group currently has a consensus rating of “Hold” and a consensus price target of $28.43.
Several hedge funds have recently made changes to their positions in the stock. US Bancorp DE boosted its stake in shares of MYR Group by 9.4% in the second quarter. US Bancorp DE now owns 4,279 shares of the company’s stock worth $103,000 after buying an additional 368 shares during the period. SG Americas Securities LLC bought a new stake in shares of MYR Group during the second quarter worth approximately $127,000. Societe Generale bought a new stake in shares of MYR Group during the second quarter worth approximately $127,000. BNP Paribas Arbitrage SA boosted its stake in shares of MYR Group by 107.9% in the second quarter. BNP Paribas Arbitrage SA now owns 5,598 shares of the company’s stock worth $135,000 after buying an additional 2,906 shares during the period. Finally, Royal Bank of Canada boosted its stake in shares of MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock worth $193,000 after buying an additional 325 shares during the period. 90.39% of the stock is owned by institutional investors.
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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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