Insider Selling: MYR Group, Inc. (MYRG) VP Sells 10,000 Shares of Stock
MYR Group, Inc. (NASDAQ:MYRG) VP Gerald B. Jr. Engen sold 10,000 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the sale, the vice president now directly owns 48,295 shares of the company’s stock, valued at $1,545,440. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of MYR Group, Inc. (NASDAQ MYRG) traded up 0.88% during mid-day trading on Friday, hitting $25.14. The company had a trading volume of 100,452 shares. The company has a market capitalization of $414.58 million, a P/E ratio of 24.97 and a beta of 0.35. The firm’s 50-day moving average price is $30.07 and its 200 day moving average price is $35.11. MYR Group, Inc. has a one year low of $24.80 and a one year high of $43.77.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by $0.27. The business had revenue of $356.20 million during the quarter, compared to the consensus estimate of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The business’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period last year, the firm earned $0.31 EPS. Analysts predict that MYR Group, Inc. will post $0.88 earnings per share for the current fiscal year.
MYR Group announced that its board has authorized a share buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the utilities provider to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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A number of hedge funds have recently bought and sold shares of the company. Parametric Portfolio Associates LLC raised its stake in MYR Group by 17.4% in the second quarter. Parametric Portfolio Associates LLC now owns 60,438 shares of the utilities provider’s stock worth $1,875,000 after buying an additional 8,942 shares during the period. Nordea Investment Management AB boosted its position in MYR Group by 57.6% in the second quarter. Nordea Investment Management AB now owns 63,613 shares of the utilities provider’s stock worth $1,973,000 after buying an additional 23,258 shares in the last quarter. Vanguard Group Inc. boosted its position in MYR Group by 3.9% in the second quarter. Vanguard Group Inc. now owns 910,518 shares of the utilities provider’s stock worth $28,245,000 after buying an additional 33,997 shares in the last quarter. GSA Capital Partners LLP boosted its position in MYR Group by 388.1% in the second quarter. GSA Capital Partners LLP now owns 54,758 shares of the utilities provider’s stock worth $1,699,000 after buying an additional 43,540 shares in the last quarter. Finally, Thrivent Financial For Lutherans boosted its position in MYR Group by 65.4% in the second quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock worth $6,822,000 after buying an additional 86,980 shares in the last quarter. 89.43% of the stock is currently owned by institutional investors and hedge funds.
MYRG has been the subject of several research reports. Canaccord Genuity reduced their price objective on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 4th. FBR & Co reaffirmed an “outperform” rating and issued a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a research report on Friday, May 5th. TheStreet cut MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Finally, Zacks Investment Research cut MYR Group from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company’s stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $40.00.
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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