New York State Teachers Retirement System Lowers Position in MYR Group, Inc. (MYRG)
New York State Teachers Retirement System trimmed its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 35.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,158 shares of the utilities provider’s stock after selling 3,900 shares during the period. New York State Teachers Retirement System’s holdings in MYR Group were worth $209,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of MYRG. GCA Investment Management LLC bought a new position in MYR Group during the second quarter valued at about $15,355,000. Corbyn Investment Management Inc. MD increased its stake in MYR Group by 109.9% during 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 acquiring an additional 171,323 shares during the period. Thomson Horstmann & Bryant Inc. increased its stake in MYR Group by 99.4% during the second quarter. Thomson Horstmann & Bryant Inc. now owns 304,260 shares of the utilities provider’s stock valued at $9,438,000 after acquiring an additional 151,664 shares during the period. Thrivent Financial For Lutherans boosted its holdings in MYR Group by 65.4% during the second quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock valued at $6,822,000 after purchasing an additional 86,980 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in MYR Group by 182.8% during the third quarter. Victory Capital Management Inc. now owns 120,136 shares of the utilities provider’s stock valued at $3,501,000 after purchasing an additional 77,654 shares in the last quarter. Hedge funds and other institutional investors own 88.61% of the company’s stock.
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A number of research firms have weighed in on MYRG. B. Riley reaffirmed a “neutral” rating on shares of MYR Group in a report on Wednesday, November 1st. Zacks Investment Research raised MYR Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 8th. Robert W. Baird lifted their price objective on MYR Group from $34.00 to $35.00 and gave the company an “outperform” rating in a report on Friday, November 3rd. Canaccord Genuity decreased their price objective on MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $29.00 price objective (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $31.75.
MYR Group, Inc. (NASDAQ:MYRG) opened at $32.47 on Wednesday. The company has a market capitalization of $542.92, a P/E ratio of 35.46 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, Inc. has a 1-year low of $23.00 and a 1-year high of $43.77.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.17). The business had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The firm’s revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 earnings per share. research analysts anticipate that MYR Group, Inc. will post 0.82 earnings per share for the current fiscal year.
MYR Group declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 2nd that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
About MYR Group
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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