Shares of MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week low during trading on Tuesday . The company traded as low as $24.44 and last traded at $24.45, with a volume of 25,976 shares. The stock had previously closed at $25.10.

A number of analysts recently commented on the company. Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 5th. Canaccord Genuity dropped their price target on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 4th. FBR & Co reaffirmed an “outperform” rating and issued a $37.00 price target (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. TheStreet lowered MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target for the company in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $40.00.

The firm has a market capitalization of $405.18 million, a P/E ratio of 24.40 and a beta of 0.35. The company has a 50 day moving average price of $29.90 and a 200 day moving average price of $34.95.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. The firm had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. On average, equities research analysts expect that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.

MYR Group declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the vice president now directly owns 68,295 shares of the company’s stock, valued at $2,048,850. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average cost of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now owns 2,625 shares of the company’s stock, valued at $78,172.50. The disclosure for this purchase can be found here. Insiders sold 33,482 shares of company stock worth $1,036,842 over the last three months. Corporate insiders own 5.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MYRG. LS Investment Advisors LLC raised its stake in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 shares during the period. State of Alaska Department of Revenue raised its stake in 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 valued at $100,000 after buying an additional 1,462 shares during the period. Mason Street Advisors LLC raised its stake in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after buying an additional 246 shares during the period. Hillsdale Investment Management Inc. bought a new stake in MYR Group during the first quarter valued at approximately $156,000. Finally, BNP Paribas Arbitrage SA raised its stake in MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after buying an additional 217 shares during the period. 91.11% of the stock is currently owned by hedge funds and other institutional investors.

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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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