Victory Capital Management Inc. boosted its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 9.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,767 shares of the company’s stock after buying an additional 3,000 shares during the period. Victory Capital Management Inc. owned about 0.22% of MYR Group worth $837,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in MYRG. Royal Bank of Canada raised its position in MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock valued at $193,000 after buying an additional 325 shares during the last quarter. Alambic Investment Management L.P. increased its stake in MYR Group by 5.1% in the second quarter. Alambic Investment Management L.P. now owns 14,400 shares of the company’s stock valued at $347,000 after buying an additional 700 shares during the period. California Public Employees Retirement System increased its stake in MYR Group by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,900 shares of the company’s stock valued at $1,250,000 after buying an additional 2,100 shares during the period. BNP Paribas Arbitrage SA increased its stake in MYR Group by 107.9% in the second quarter. BNP Paribas Arbitrage SA now owns 5,598 shares of the company’s stock valued at $135,000 after buying an additional 2,906 shares during the period. Finally, SG Americas Securities LLC bought a new stake in MYR Group during the second quarter valued at $127,000. Institutional investors and hedge funds own 90.39% of the company’s stock.
Shares of MYR Group Inc. (NASDAQ:MYRG) opened at 29.29 on Friday. MYR Group Inc. has a 52-week low of $17.77 and a 52-week high of $29.85. The company has a market capitalization of $470.19 million, a P/E ratio of 29.59 and a beta of 0.67. The stock’s 50 day moving average is $28.71 and its 200 day moving average is $25.62.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The firm had revenue of $261.90 million for the quarter, compared to analysts’ expectations of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The company’s quarterly revenue was down 5.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. Equities analysts expect that MYR Group Inc. will post $1.14 EPS for the current year.
Several equities research analysts have weighed in on MYRG shares. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 23rd. Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 price target on shares of MYR Group in a research note on Sunday, August 7th. Robert W. Baird downgraded shares of MYR Group from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $27.00 to $30.00 in a research note on Friday, August 12th. Finally, Maxim Group lifted their price target on shares of MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Six equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $28.43.
In other MYR Group news, Chairman William A. Koertner sold 10,000 shares of the stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $29.50, for a total transaction of $295,000.00. Following the completion of the sale, the chairman now owns 304,337 shares of the company’s stock, valued at approximately $8,977,941.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Tod M. Cooper sold 9,212 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $28.75, for a total transaction of $264,845.00. Following the sale, the insider now directly owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The disclosure for this sale can be found here. Company insiders own 10.40% of the company’s stock.
MYR Group Company 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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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