Insider Selling: MYR Group Inc. (MYRG) Chairman Sells $1,655,000.00 in Stock
MYR Group Inc. (NASDAQ:MYRG) Chairman William A. Koertner sold 50,000 shares of the firm’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $33.10, for a total value of $1,655,000.00. Following the completion of the sale, the chairman now directly owns 309,337 shares in the company, valued at $10,239,054.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of MYR Group Inc. (NASDAQ:MYRG) opened at 36.28 on Tuesday. The firm has a market capitalization of $582.80 million, a price-to-earnings ratio of 34.13 and a beta of 0.46. The stock’s 50 day moving average price is $30.49 and its 200-day moving average price is $27.04. MYR Group Inc. has a 52 week low of $17.77 and a 52 week high of $36.52.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $0.38 EPS for the quarter, meeting analysts’ consensus estimates of $0.38. MYR Group had a return on equity of 6.91% and a net margin of 1.82%. The firm had revenue of $283.30 million for the quarter, compared to analysts’ expectations of $275.13 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities analysts predict that MYR Group Inc. will post $1.17 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alambic Investment Management L.P. boosted its position in shares of MYR Group by 5.1% in the second quarter. Alambic Investment Management L.P. now owns 14,400 shares of the company’s stock worth $347,000 after buying an additional 700 shares in the last quarter. LSV Asset Management raised its stake in MYR Group by 36.8% in the second quarter. LSV Asset Management now owns 126,782 shares of the company’s stock worth $3,052,000 after buying an additional 34,122 shares during the last quarter. GSA Capital Partners LLP raised its stake in MYR Group by 195.3% in the second quarter. GSA Capital Partners LLP now owns 62,592 shares of the company’s stock worth $1,507,000 after buying an additional 41,395 shares during the last quarter. California Public Employees Retirement System raised its stake in MYR Group by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,900 shares of the company’s stock worth $1,250,000 after buying an additional 2,100 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in MYR Group during the second quarter worth about $127,000. 87.79% of the stock is currently owned by hedge funds and other institutional investors.
MYRG has been the topic of several research analyst reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $34.00 price objective on shares of MYR Group in a research note on Thursday, November 3rd. Zacks Investment Research raised MYR Group from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Thursday, October 6th. Maxim Group raised their price objective on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Finally, Robert W. Baird lowered MYR Group from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $27.00 to $30.00 in a research note on Friday, August 12th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. MYR Group currently has an average rating of “Buy” and an average price target of $30.67.
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). 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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