MYR Group, Inc. (MYRG) Shares Sold by Algert Global LLC
Algert Global LLC decreased its stake in MYR Group, Inc. (NASDAQ:MYRG) by 83.8% during the second quarter, Holdings Channel reports. The institutional investor owned 10,018 shares of the utilities provider’s stock after selling 51,802 shares during the period. Algert Global LLC’s holdings in MYR Group were worth $311,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in MYR Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock valued at $35,937,000 after buying an additional 29,806 shares in the last quarter. Macquarie Group Ltd. raised its position in MYR Group by 15.5% in the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock valued at $28,114,000 after buying an additional 91,962 shares in the last quarter. JPMorgan Chase & Co. raised its position in MYR Group by 46.1% in the first quarter. JPMorgan Chase & Co. now owns 615,392 shares of the utilities provider’s stock valued at $25,231,000 after buying an additional 194,092 shares in the last quarter. State Street Corp raised its position in MYR Group by 6.3% in the first quarter. State Street Corp now owns 415,984 shares of the utilities provider’s stock valued at $17,059,000 after buying an additional 24,657 shares in the last quarter. Finally, Corbyn Investment Management Inc. MD raised its position in MYR Group by 109.9% in the second quarter. Corbyn Investment Management Inc. MD now owns 327,227 shares of the utilities provider’s stock valued at $10,151,000 after buying an additional 171,323 shares in the last quarter. Institutional investors and hedge funds own 89.43% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ:MYRG) opened at 25.14 on Friday. MYR Group, Inc. has a 52 week low of $24.80 and a 52 week high of $43.77. The firm has a market capitalization of $414.58 million, a PE ratio of 24.97 and a beta of 0.35. The stock has a 50 day moving average price of $30.07 and a 200 day moving average price of $35.11.
MYR Group (NASDAQ:MYRG) last released 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 return on equity of 6.28% and a net margin of 1.28%. The firm had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. During the same quarter in the previous year, the company earned $0.31 earnings per share. The company’s quarterly revenue was up 36.0% on a year-over-year basis. Equities analysts forecast 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 authorized a share repurchase program on Wednesday, August 2nd that allows the company to buyback $20.00 million in shares. This buyback authorization allows the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
MYRG has been the subject of several research analyst reports. Canaccord Genuity lowered their price target on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 4th. FBR & Co restated an “outperform” rating and set a $37.00 price target (down from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target for the company in a research report on Friday, May 5th. TheStreet lowered MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Finally, Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $40.00.
In related news, VP Gerald B. Jr. Engen sold 1,210 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $31.01, for a total transaction of $37,522.10. Following the completion of the sale, the vice president now directly owns 68,185 shares of the company’s stock, valued at approximately $2,114,416.85. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction on 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,482 shares of company stock valued at $1,036,842. 5.00% of the stock is owned by corporate insiders.
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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