Dimensional Fund Advisors LP Sells 81,817 Shares of MYR Group, Inc. (MYRG)
Dimensional Fund Advisors LP lowered its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,407,436 shares of the utilities provider’s stock after selling 81,817 shares during the period. Dimensional Fund Advisors LP owned approximately 8.61% of MYR Group worth $57,705,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of the stock. LS Investment Advisors LLC increased its position in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 shares during the period. Mason Street Advisors LLC increased its position in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after buying an additional 246 shares during the period. Hillsdale Investment Management Inc. bought a new position in MYR Group during the first quarter valued at about $156,000. Capital Fund Management S.A. bought a new position in MYR Group during the first quarter valued at about $238,000. Finally, SG Americas Securities LLC increased its position in MYR Group by 3.7% in the first quarter. SG Americas Securities LLC now owns 6,587 shares of the utilities provider’s stock valued at $270,000 after buying an additional 233 shares during the period. Hedge funds and other institutional investors own 89.05% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ MYRG) traded up 1.04% during midday trading on Friday, reaching $26.29. The company had a trading volume of 102,744 shares. MYR Group, Inc. has a 52-week low of $24.54 and a 52-week high of $43.77. The stock has a market capitalization of $433.55 million, a PE ratio of 26.11 and a beta of 0.35. The company’s 50 day moving average price is $31.06 and its 200 day moving average price is $35.68.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.34 by $0.27. The firm had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. MYR Group had a return on equity of 6.33% and a net margin of 1.28%. The company’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Equities research analysts expect that MYR Group, Inc. will post $1.28 earnings per share for the current year.
MYR Group declared that its board has initiated a share buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the utilities provider to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
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Several equities analysts have recently issued reports on MYRG shares. Canaccord Genuity cut their price objective on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a report on Friday. TheStreet downgraded shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. Zacks Investment Research upgraded shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. FBR & Co reiterated an “outperform” rating and issued a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Monday, May 15th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. MYR Group has an average rating of “Buy” and a consensus price target of $38.00.
In other news, Director Kenneth Michael Hartwick purchased 1,000 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were bought at an average price of $29.78 per share, with a total value of $29,780.00. Following the completion of the transaction, the director now directly owns 2,625 shares in the company, valued at approximately $78,172.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Gerald B. Jr. Engen sold 10,000 shares of MYR Group stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the vice president now directly owns 48,295 shares in the company, valued at approximately $1,545,440. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,482 shares of company stock worth $1,036,842. 5.00% of the stock is currently owned by corporate insiders.
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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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