Teton Advisors Inc. Holds Stake in MYR Group, Inc. (MYRG)
Teton Advisors Inc. held its position in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 137,674 shares of the utilities provider’s stock at the end of the second quarter. Teton Advisors Inc. owned 0.84% of MYR Group worth $4,271,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue raised its position in shares of MYR Group by 82.6% in the second quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after buying an additional 1,462 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of 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 in the last quarter. Mason Street Advisors LLC raised its position in shares of 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 in the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of MYR Group during the first quarter valued at $156,000. Finally, Sei Investments Co. acquired a new position in shares of MYR Group during the second quarter valued at $170,000. Institutional investors and hedge funds own 91.11% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ MYRG) opened at 23.58 on Thursday. The firm has a market capitalization of $388.86 million, a price-to-earnings ratio of 23.42 and a beta of 0.35. MYR Group, Inc. has a 12-month low of $23.50 and a 12-month high of $43.77. The firm has a 50-day moving average of $29.51 and a 200 day moving average of $34.76.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.27. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The company had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. During the same quarter in the previous year, the firm earned $0.31 EPS. The firm’s revenue was up 36.0% on a year-over-year basis. On average, equities research analysts expect that MYR Group, Inc. will post $0.88 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 buyback $20.00 million in outstanding shares. This buyback authorization authorizes the utilities provider to buy up to 3.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Several brokerages recently weighed in on MYRG. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective on the stock in a report on Monday, May 15th. Zacks Investment Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. TheStreet lowered shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. FBR & Co reiterated an “outperform” rating and issued a $37.00 target price (down from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. Finally, Canaccord Genuity cut their target price on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $40.00.
In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the vice president now owns 48,295 shares in the company, valued at approximately $1,545,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Patterson sold 3,482 shares of the business’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $30.10, for a total transaction of $104,808.20. Following the transaction, the director now owns 23,934 shares in the company, valued at approximately $720,413.40. The disclosure for this sale can be found here. Insiders have sold a total of 33,482 shares of company stock worth $1,036,842 in the last quarter. 5.00% of the stock is owned by corporate insiders.
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). 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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