MYR Group, Inc. (MYRG) Position Maintained by State of Tennessee Treasury Department
State of Tennessee Treasury Department held its position in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,041 shares of the utilities provider’s stock at the end of the 2nd quarter. State of Tennessee Treasury Department owned about 0.09% of MYR Group worth $467,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. LS Investment Advisors LLC grew its stake in MYR Group by 266.8% in the 1st quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after acquiring an additional 1,833 shares during the period. State of Alaska Department of Revenue raised its position 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 worth $100,000 after acquiring an additional 1,462 shares during the period. Mason Street Advisors LLC raised 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 acquiring an additional 246 shares during the period. BNP Paribas Arbitrage SA raised 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 acquiring an additional 217 shares during the period. Finally, Sei Investments Co. acquired a new position in MYR Group during the second quarter worth $170,000. Hedge funds and other institutional investors own 87.81% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ:MYRG) opened at 29.14 on Monday. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77. The stock has a market capitalization of $480.55 million, a PE ratio of 28.94 and a beta of 0.37. The company’s 50 day moving average price is $25.59 and its 200 day moving average price is $32.44.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.27). The company had revenue of $356.20 million during 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%. The business’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 EPS. Equities analysts anticipate that MYR Group, Inc. will post $0.88 earnings per share for the current fiscal year.
MYR Group announced that its Board of Directors has approved a stock buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the utilities provider to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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In other MYR Group news, VP Gerald B. Jr. Engen sold 8,790 shares of the company’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $31.23, for a total transaction of $274,511.70. Following the transaction, the vice president now directly owns 58,295 shares in the company, valued at $1,820,552.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Gerald B. Jr. Engen sold 1,210 shares of the company’s stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $31.01, for a total transaction of $37,522.10. Following the transaction, the vice president now owns 68,185 shares in the company, valued at $2,114,416.85. The disclosure for this sale can be found here. Insiders sold 20,000 shares of company stock valued at $632,034 in the last quarter. Company insiders own 5.00% of the company’s stock.
MYRG has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a report on Saturday, August 5th. FBR & Co dropped their target price on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research report on Friday, August 18th. Canaccord Genuity cut 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. KeyCorp reissued a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. Finally, Stifel Nicolaus restated a “hold” rating and set a $36.00 price target on shares of MYR Group in a research report on Tuesday, August 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. MYR Group has a consensus rating of “Hold” and a consensus target price of $34.60.
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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