Arizona State Retirement System Grows Position in MYR Group, Inc. (MYRG)
Arizona State Retirement System lifted its stake in MYR Group, Inc. (NASDAQ:MYRG) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,559 shares of the utilities provider’s stock after buying an additional 200 shares during the period. Arizona State Retirement System owned about 0.05% of MYR Group worth $266,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. lifted its stake in shares of MYR Group by 8.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 143,888 shares of the utilities provider’s stock valued at $4,464,000 after buying an additional 10,899 shares during the period. Corbyn Investment Management Inc. MD lifted its stake in shares of MYR Group by 109.9% in the second quarter. Corbyn Investment Management Inc. MD now owns 327,227 shares of the utilities provider’s stock valued at $10,151,000 after buying an additional 171,323 shares during the period. Sei Investments Co. bought a new stake in shares of MYR Group in the second quarter valued at about $170,000. Texas Permanent School Fund lifted its stake in shares of MYR Group by 3.4% in the second quarter. Texas Permanent School Fund now owns 12,028 shares of the utilities provider’s stock valued at $373,000 after buying an additional 397 shares during the period. Finally, Great West Life Assurance Co. Can lifted its stake in shares of MYR Group by 5.4% in the second quarter. Great West Life Assurance Co. Can now owns 23,286 shares of the utilities provider’s stock valued at $722,000 after buying an additional 1,200 shares during the period. Institutional investors and hedge funds own 87.81% of the company’s stock.
In other MYR Group news, VP Gerald B. Jr. Engen sold 10,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the sale, the vice president now 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 Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gerald B. Jr. Engen sold 1,210 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $31.01, for a total transaction of $37,522.10. Following the completion of the sale, the vice president now directly owns 68,185 shares of the company’s stock, valued at approximately $2,114,416.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,000 shares of company stock worth $632,034. 5.00% of the stock is owned by company insiders.
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MYRG has been the subject of several research reports. 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 research note on Friday, August 4th. Robert W. Baird reiterated a “buy” rating and issued a $34.00 target price on shares of MYR Group in a research note on Tuesday, September 5th. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. KeyCorp reiterated a “hold” rating on shares of MYR Group in a research note on Friday. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $29.00 target price (down previously from $36.00) on shares of MYR Group in a research note on Wednesday, September 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. MYR Group currently has a consensus rating of “Hold” and an average target price of $34.60.
MYR Group, Inc. (NASDAQ:MYRG) opened at 25.95 on Tuesday. MYR Group, Inc. has a 52 week low of $23.00 and a 52 week high of $43.77. The company has a market cap of $427.94 million, a PE ratio of 25.77 and a beta of 0.34. The firm’s 50-day moving average is $26.43 and its 200-day moving average is $33.01.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 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 during the quarter, compared to analyst estimates of $310.57 million. During the same quarter last year, the company posted $0.31 EPS. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. On average, analysts expect that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group announced that its board has initiated a share buyback plan on Wednesday, August 2nd that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the utilities provider to buy up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
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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