Rice Hall James & Associates LLC Takes $1.55 Million Position in MYR Group, Inc. (MYRG)
Rice Hall James & Associates LLC bought a new position in MYR Group, Inc. (NASDAQ:MYRG) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 53,338 shares of the utilities provider’s stock, valued at approximately $1,554,000. Rice Hall James & Associates LLC owned approximately 0.32% of MYR Group at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of MYRG. GCA Investment Management LLC acquired a new position in shares of MYR Group in the 2nd quarter worth approximately $15,355,000. Corbyn Investment Management Inc. MD grew its position in shares of MYR Group by 109.9% in the 2nd quarter. Corbyn Investment Management Inc. MD now owns 327,227 shares of the utilities provider’s stock worth $10,151,000 after acquiring an additional 171,323 shares in the last quarter. Thomson Horstmann & Bryant Inc. grew its position in shares of MYR Group by 99.4% in the 2nd quarter. Thomson Horstmann & Bryant Inc. now owns 304,260 shares of the utilities provider’s stock worth $9,438,000 after acquiring an additional 151,664 shares in the last quarter. Thrivent Financial For Lutherans grew its position in shares of MYR Group by 65.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock worth $6,822,000 after acquiring an additional 86,980 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of MYR Group by 182.8% in the 3rd quarter. Victory Capital Management Inc. now owns 120,136 shares of the utilities provider’s stock worth $3,501,000 after acquiring an additional 77,654 shares in the last quarter. Institutional investors own 86.53% of the company’s stock.
Shares of MYR Group, Inc. (MYRG) opened at $31.91 on Friday. The firm has a market capitalization of $496.49 million, a PE ratio of 32.43 and a beta of 0.43. The company has a quick ratio of 1.67, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.17). The company had revenue of $373.50 million during the quarter, compared to the consensus estimate of $350.80 million. MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS. sell-side analysts anticipate that MYR Group, Inc. will post 0.83 earnings per share for the current year.
MYR Group announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 2nd that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the utilities provider to buy up to 3.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several research analysts have recently commented on MYRG shares. Zacks Investment Research upgraded MYR Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 18th. Canaccord Genuity decreased their target price 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 cut their price target on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a report on Friday, August 18th. Stifel Nicolaus reissued a “hold” rating and issued a $36.00 price target on shares of MYR Group in a report on Tuesday, August 29th. Finally, Robert W. Baird reissued a “buy” rating and issued a $34.00 price target on shares of MYR Group in a report on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $31.75.
MYR Group 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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