US Bancorp DE Has $133,000 Position in MYR Group, Inc. (MYRG)
US Bancorp DE maintained its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,279 shares of the utilities provider’s stock at the end of the second quarter. US Bancorp DE’s holdings in MYR Group were worth $133,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. raised its stake in shares of MYR Group by 16.8% in the first quarter. Ameriprise Financial Inc. now owns 150,603 shares of the utilities provider’s stock worth $6,173,000 after buying an additional 21,703 shares during the last quarter. Karp Capital Management Corp acquired a new stake in shares of MYR Group during the first quarter worth approximately $526,000. LS Investment Advisors LLC raised its stake in shares of MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after buying an additional 1,833 shares during the last quarter. Comerica Bank raised its stake in shares of MYR Group by 3.7% in the first quarter. Comerica Bank now owns 17,706 shares of the utilities provider’s stock worth $762,000 after buying an additional 624 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of MYR Group by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock worth $9,129,000 after buying an additional 16,805 shares during the last quarter. 87.81% of the stock is owned by institutional investors.
Shares of MYR Group, Inc. (MYRG) traded down 0.04% during trading on Tuesday, hitting $24.26. The stock had a trading volume of 30,852 shares. The stock has a 50-day moving average price of $28.08 and a 200 day moving average price of $34.02. The company has a market cap of $400.07 million, a P/E ratio of 24.09 and a beta of 0.35. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.27. The business had revenue of $356.20 million for the quarter, compared to analysts’ expectations of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The firm’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period last year, the firm earned $0.31 earnings per share. Equities analysts expect that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group announced that its board has authorized a stock buyback plan on Wednesday, August 2nd that permits the company to repurchase $20.00 million in 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 often a sign that the company’s board believes its shares are undervalued.
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A number of equities analysts have issued reports on the company. Zacks Investment Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 9th. Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Friday, May 5th. FBR & Co reiterated an “outperform” rating and issued a $37.00 price objective (down previously from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. TheStreet downgraded MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. Finally, Canaccord Genuity decreased their price objective on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $37.75.
In other news, VP Gerald B. Jr. Engen sold 10,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the vice president now directly owns 68,295 shares of the company’s stock, valued at approximately $2,048,850. The transaction 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 8,790 shares of the business’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 directly owns 58,295 shares of the company’s stock, valued at $1,820,552.85. The disclosure for this sale can be found here. Insiders have sold a total of 33,482 shares of company stock valued at $1,036,842 over the last ninety days. 5.00% of the stock is owned by company insiders.
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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