Insider Selling: MYR Group Inc. (MYRG) VP Sells $1,040,960.00 in Stock
MYR Group Inc. (NASDAQ:MYRG) VP Gerald B. Jr. Engen sold 32,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $32.53, for a total value of $1,040,960.00. Following the transaction, the vice president now directly owns 102,219 shares in the company, valued at approximately $3,325,184.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of MYR Group Inc. (NASDAQ:MYRG) opened at 36.28 on Tuesday. MYR Group Inc. has a 12 month low of $17.77 and a 12 month high of $36.52. The firm’s 50-day moving average price is $30.49 and its 200 day moving average price is $27.04. The company has a market cap of $582.80 million, a PE ratio of 34.13 and a beta of 0.46.
MYR Group (NASDAQ:MYRG) last released its earnings results 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 had revenue of $283.30 million for the quarter, compared to analyst estimates of $275.13 million. During the same period last year, the company posted $0.29 EPS. The business’s revenue 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 fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in MYR Group during the third quarter worth $101,000. US Bancorp DE raised its position in 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. Societe Generale acquired a new position in MYR Group during the second quarter worth $127,000. SG Americas Securities LLC acquired a new position in MYR Group during the second quarter worth $127,000. Finally, BNP Paribas Arbitrage SA raised its position in 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. 87.79% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages recently issued reports on MYRG. Zacks Investment Research cut MYR Group from a “buy” rating to a “hold” rating in a research note on Wednesday, November 9th. Canaccord Genuity reissued a “buy” rating and issued a $34.00 price objective on shares of MYR Group in a research note on Thursday, November 3rd. Robert W. Baird cut MYR Group from an “outperform” rating to a “neutral” rating and increased their price objective for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Finally, Maxim Group increased their price objective on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus 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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