First Trust Advisors LP reduced its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 45.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,291 shares of the utilities provider’s stock after selling 92,289 shares during the period. First Trust Advisors LP owned about 0.67% of MYR Group worth $3,421,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MYRG. State of Alaska Department of Revenue increased its holdings in MYR Group by 82.6% during 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 during the last quarter. LS Investment Advisors LLC increased its holdings in MYR Group by 266.8% during 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 last quarter. Mason Street Advisors LLC increased its holdings in MYR Group by 7.0% during 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 last quarter. Hillsdale Investment Management Inc. purchased a new stake in MYR Group during the first quarter valued at approximately $156,000. Finally, Sei Investments Co. purchased a new stake in MYR Group during the second quarter valued at approximately $170,000. 87.81% of the stock is owned by institutional investors and hedge funds.

In other news, VP Gerald B. Jr. Engen sold 10,000 shares of MYR Group stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 48,295 shares of the company’s stock, valued at approximately $1,545,440. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Gerald B. Jr. Engen sold 1,210 shares of MYR Group stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $31.01, for a total transaction of $37,522.10. Following the transaction, the vice president now directly owns 68,185 shares of the company’s stock, valued at $2,114,416.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,482 shares of company stock valued at $736,842. Insiders own 5.00% of the company’s stock.

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Shares of MYR Group, Inc. (NASDAQ:MYRG) opened at 25.66 on Tuesday. The stock has a market capitalization of $423.16 million, a PE ratio of 25.48 and a beta of 0.34. MYR Group, Inc. has a one year low of $23.00 and a one year high of $43.77. The firm’s 50-day moving average is $27.32 and its 200-day moving average is $33.54.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share 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 analysts’ expectations of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. MYR Group’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period last year, the firm earned $0.31 earnings per share. On average, analysts expect that MYR Group, Inc. will post $0.88 earnings per share for the current fiscal year.

MYR Group declared that its board has authorized a stock repurchase plan on Wednesday, August 2nd that permits the company to buyback $20.00 million in shares. This buyback authorization permits the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

MYRG has been the subject of a number of research reports. Zacks Investment Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Monday, May 15th. FBR & Co reaffirmed an “outperform” rating and set a $37.00 target price (down from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. Finally, Canaccord Genuity reduced their target price on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $37.40.

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.

Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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