Sei Investments Co. Takes Position in MYR Group, Inc. (MYRG)
Sei Investments Co. purchased a new stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,455 shares of the utilities provider’s stock, valued at approximately $170,000.
Other hedge funds also recently made changes to their positions in the company. LS Investment Advisors LLC grew its stake 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 worth $103,000 after acquiring an additional 1,833 shares during the last quarter. State of Alaska Department of Revenue grew its stake 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 worth $100,000 after acquiring an additional 1,462 shares during the last quarter. Mason Street Advisors LLC grew its stake 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 worth $154,000 after acquiring an additional 246 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in shares of MYR Group in the first quarter worth $156,000. Finally, Capital Fund Management S.A. acquired a new stake in shares of MYR Group in the first quarter worth $238,000. Institutional investors own 87.81% of the company’s stock.
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Several equities research analysts have recently issued reports on MYRG shares. Robert W. Baird restated a “buy” rating and issued a $34.00 price objective on shares of MYR Group in a research note on Tuesday, September 5th. KeyCorp restated a “hold” rating on shares of MYR Group in a research note on Friday. FBR & Co lowered their price objective on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research note on Friday, August 18th. Stifel Nicolaus restated a “hold” rating and issued a $29.00 price objective (down previously from $36.00) on shares of MYR Group in a research note on Wednesday, September 6th. Finally, Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $34.60.
In other news, VP Gerald B. Jr. Engen sold 8,790 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total transaction of $274,511.70. Following the sale, the vice president now directly owns 58,295 shares of the company’s stock, valued at approximately $1,820,552.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the stock in a transaction 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 sale, the vice president now directly owns 48,295 shares in the company, valued at $1,545,440. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,000 shares of company stock worth $632,034. Insiders own 5.00% of the company’s stock.
MYR Group, Inc. (NASDAQ MYRG) opened at 25.95 on Tuesday. The company has a 50-day moving average price of $26.43 and a 200 day moving average price of $33.01. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77. The company has a market capitalization of $427.94 million, a PE ratio of 25.77 and a beta of 0.34.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. During the same period in the prior year, the company earned $0.31 earnings per share. The business’s quarterly revenue was up 36.0% compared to the same quarter last year. On average, equities research analysts forecast that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group announced that its board has initiated a stock repurchase program on Wednesday, August 2nd that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board 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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