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.

Insider Buying and Selling by Quarter for MYR Group (NASDAQ:MYRG)

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