Insider Selling: MYR Group Inc. (MYRG) COO Sells $1,078,400.00 in Stock
MYR Group Inc. (NASDAQ:MYRG) COO Richard S. Jr. Swartz sold 32,000 shares of the firm’s stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $33.70, for a total transaction of $1,078,400.00. Following the transaction, the chief operating officer now directly owns 95,786 shares of the company’s stock, valued at $3,227,988.20. The sale was disclosed in a document filed with the SEC, which is available through this link.
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. MYR Group Inc. has a 12-month low of $17.77 and a 12-month high of $36.52. The stock has a 50 day moving average of $30.49 and a 200 day moving average of $27.04.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $0.38 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.38. MYR Group had a net margin of 1.82% and a return on equity of 6.91%. The business earned $283.30 million during the quarter, compared to analysts’ expectations of $275.13 million. During the same period in the previous year, the company earned $0.29 earnings per share. MYR Group’s revenue for the quarter was up 5.0% on a year-over-year basis. Equities research analysts anticipate that MYR Group Inc. will post $1.17 earnings per share for the current year.
Several hedge funds have recently modified their holdings of MYRG. AJO LP boosted its stake in shares of MYR Group by 145.3% in the second quarter. AJO LP now owns 352,464 shares of the company’s stock worth $8,487,000 after buying an additional 208,753 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of MYR Group by 27.4% in the second quarter. Macquarie Group Ltd. now owns 539,756 shares of the company’s stock worth $12,997,000 after buying an additional 115,981 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of MYR Group by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,571,771 shares of the company’s stock worth $37,848,000 after buying an additional 91,135 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of MYR Group by 426.4% in the third quarter. Acadian Asset Management LLC now owns 98,847 shares of the company’s stock worth $2,976,000 after buying an additional 80,068 shares during the last quarter. Finally, Systematic Financial Management LP purchased a new stake in shares of MYR Group during the second quarter worth $1,838,000. Institutional investors and hedge funds own 87.79% of the company’s stock.
Several brokerages have weighed in on MYRG. Maxim Group raised their price objective 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. Robert W. Baird lowered shares of MYR Group from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Canaccord Genuity reissued a “buy” rating and set a $32.00 price objective on shares of MYR Group in a report on Sunday, August 7th. Finally, Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Thursday, October 6th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price 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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