Nationwide Fund Advisors grew its position in MYR Group, Inc. (NASDAQ:MYRG) by 34.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 68,287 shares of the utilities provider’s stock after acquiring an additional 17,323 shares during the period. Nationwide Fund Advisors owned about 0.41% of MYR Group worth $2,118,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the business. Arizona State Retirement System raised its position in shares of MYR Group by 1.2% in the first quarter. Arizona State Retirement System now owns 8,359 shares of the utilities provider’s stock worth $343,000 after acquiring an additional 100 shares during the period. Louisiana State Employees Retirement System raised 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 acquiring an additional 200 shares during the period. BNP Paribas Arbitrage SA raised 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 acquiring an additional 217 shares during the period. SG Americas Securities LLC raised its position in shares of MYR Group by 3.7% in the first quarter. SG Americas Securities LLC now owns 6,587 shares of the utilities provider’s stock worth $270,000 after acquiring an additional 233 shares during the period. Finally, Mason Street Advisors LLC raised its position in shares of MYR Group by 7.0% in 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. Institutional investors and hedge funds own 87.81% of the company’s stock.

In related news, VP Gerald B. Jr. Engen sold 8,790 shares of the firm’s stock in a transaction dated Wednesday, July 19th. The shares were 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 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 can be accessed through the SEC website. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the vice president now owns 48,295 shares of the company’s stock, valued at approximately $1,545,440. The disclosure for this sale can be found here. 5.00% of the stock is owned by company insiders.

A number of brokerages have weighed in on MYRG. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 5th. FBR & Co decreased their price objective on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a research report on Friday, August 18th. Canaccord Genuity decreased their price objective on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research report on Friday, August 4th. Stifel Nicolaus reiterated a “hold” rating and issued a $36.00 price objective on shares of MYR Group in a research report on Tuesday, August 29th. Finally, KeyCorp reiterated a “hold” rating on shares of MYR Group in a research report on Friday, September 8th. One equities research 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. MYR Group has an average rating of “Hold” and an average price target of $31.50.

MYR Group, Inc. (NASDAQ MYRG) opened at 30.45 on Monday. The firm has a 50 day moving average of $27.59 and a 200-day moving average of $31.05. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77. The firm has a market cap of $502.15 million, a P/E ratio of 30.24 and a beta of 0.37.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data 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). MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The company had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. During the same quarter last year, the business earned $0.31 EPS. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. On average, equities research analysts forecast that MYR Group, Inc. will post $0.88 earnings per share for the current year.

MYR Group announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 2nd that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the utilities provider to reacquire up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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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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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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