Insider Selling: MYR Group Inc. (MYRG) Director Sells $288,480.00 in Stock
MYR Group Inc. (NASDAQ:MYRG) Director Jack L. Alexander sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, November 14th. The shares were sold at an average price of $36.06, for a total value of $288,480.00. Following the completion of the sale, the director now directly owns 25,290 shares of the company’s stock, valued at $911,957.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.
MYR Group Inc. (NASDAQ:MYRG) opened at 37.06 on Friday. The firm’s 50-day moving average price is $31.11 and its 200-day moving average price is $27.26. MYR Group Inc. has a 1-year low of $17.77 and a 1-year high of $37.91. The company has a market cap of $595.33 million, a price-to-earnings ratio of 34.86 and a beta of 0.46.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, November 2nd. The company reported $0.38 earnings per share for the quarter, hitting 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 the consensus estimate of $275.13 million. During the same quarter in the previous year, the business earned $0.29 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts forecast that MYR Group Inc. will post $1.17 EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in the company. AJO LP increased its position 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. increased its position 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 increased its position 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 increased its position 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 acquired a new position in shares of MYR Group during the second quarter worth $1,838,000. Hedge funds and other institutional investors own 87.79% of the company’s stock.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research lowered MYR Group from a “buy” rating to a “hold” rating in a research note on Wednesday, November 9th. Canaccord Genuity reiterated a “buy” rating and set a $34.00 target price on shares of MYR Group in a research note on Thursday, November 3rd. Robert W. Baird lowered MYR Group from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Finally, Maxim Group increased their target price 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 equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus 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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