MYR Group, Inc. (MYRG) Shares Sold by Public Sector Pension investment Board
Public Sector Pension investment Board trimmed its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 27.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,200 shares of the utilities provider’s stock after selling 3,100 shares during the quarter. Public Sector Pension investment Board’s holdings in MYR Group were worth $254,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MYRG. State of Alaska Department of Revenue boosted its stake in shares of MYR Group by 82.6% in the 2nd 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 period. Mason Street Advisors LLC increased its position 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 worth $154,000 after buying an additional 246 shares during the period. BNP Paribas Arbitrage SA increased its position in MYR Group by 4.2% during the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after buying an additional 217 shares during the period. Sei Investments Co. acquired a new position in MYR Group during the second quarter worth approximately $170,000. Finally, Louisiana State Employees Retirement System increased its position in MYR Group by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock worth $208,000 after buying an additional 200 shares during the period. Institutional investors own 87.81% of the company’s stock.
Several research analysts have commented on the company. Stifel Nicolaus reaffirmed a “hold” rating and set a $36.00 price target on shares of MYR Group in a research report on Tuesday, August 29th. Canaccord Genuity dropped their target price on MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a report on Saturday, August 5th. FBR & Co dropped their price objective on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a report on Friday, August 18th. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a report on Friday, September 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $31.50.
In other news, VP Gerald B. Jr. Engen sold 1,210 shares of the firm’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $31.01, for a total value of $37,522.10. Following the completion of the sale, the vice president now owns 68,185 shares of the company’s stock, valued at $2,114,416.85. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Gerald B. Jr. Engen sold 8,790 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total value of $274,511.70. Following the completion of the sale, the vice president now directly owns 58,295 shares of the company’s stock, valued at approximately $1,820,552.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,000 shares of company stock valued at $632,034. 5.00% of the stock is currently owned by insiders.
MYR Group, Inc. (NASDAQ MYRG) opened at 30.45 on Friday. MYR Group, Inc. has a 1-year low of $23.00 and a 1-year high of $43.77. The firm has a market capitalization of $502.15 million, a price-to-earnings ratio of 30.24 and a beta of 0.37. The company has a 50-day moving average price of $27.59 and a 200 day moving average price of $31.12.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.27). The business had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. Equities analysts anticipate that MYR Group, Inc. will post $0.88 earnings per share for the current year.
MYR Group announced that its board has initiated a share 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 reacquire up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
MYR Group 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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