Bessemer Group Inc. Has $149,000 Stake in MYR Group, Inc. (MYRG)
Bessemer Group Inc. trimmed its stake in MYR Group, Inc. (NASDAQ:MYRG) by 58.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,100 shares of the utilities provider’s stock after selling 7,300 shares during the period. Bessemer Group Inc.’s holdings in MYR Group were worth $149,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue increased 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 worth $100,000 after purchasing an additional 1,462 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares during the last quarter. Sei Investments Co. bought a new position in shares of MYR Group in the second quarter worth approximately $170,000. Louisiana State Employees Retirement System increased its position in shares of MYR Group by 3.1% in the second quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock worth $208,000 after purchasing an additional 200 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new position in shares of MYR Group in the third quarter worth approximately $207,000. Institutional investors own 87.43% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ MYRG) opened at $34.53 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 capitalization of $556.09, a price-to-earnings ratio of 36.32 and a beta of 0.43. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). The firm had revenue of $373.50 million during the quarter, compared to the consensus estimate of $350.80 million. MYR Group had a return on equity of 5.76% and a net margin of 1.12%. MYR Group’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.38 EPS. analysts expect that MYR Group, Inc. will post 0.79 EPS for the current fiscal year.
MYR Group declared that its board has initiated a share repurchase program on Wednesday, August 2nd that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the utilities provider to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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Several analysts have issued reports on the company. FBR & Co cut their target price on MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a research note on Friday, August 18th. B. Riley reaffirmed a “neutral” rating on shares of MYR Group in a research note on Wednesday, November 1st. Robert W. Baird upped their target price on MYR Group from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Stifel Nicolaus reaffirmed a “hold” rating and issued a $36.00 target price on shares of MYR Group in a research note on Tuesday, August 29th. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $32.40.
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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