Prudential Financial Inc. cut its position in MYR Group Inc. (NASDAQ:MYRG) by 13.9% during the second quarter, Holdings Channel reports. The fund owned 178,431 shares of the company’s stock after selling 28,800 shares during the period. Prudential Financial Inc. owned approximately 1.11% of MYR Group worth $4,297,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in MYRG. Dimensional Fund Advisors LP increased its stake in MYR Group by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,571,771 shares of the company’s stock worth $37,848,000 after buying an additional 91,135 shares during the last quarter. Loomis Sayles & Co. L P increased its position in MYR Group by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 478,129 shares of the company’s stock valued at $12,006,000 after buying an additional 5,374 shares in the last quarter. AJO LP increased its position in MYR Group by 145.3% in the second quarter. AJO LP now owns 352,464 shares of the company’s stock valued at $8,487,000 after buying an additional 208,753 shares in the last quarter. LSV Asset Management increased its position in MYR Group by 36.8% in the second quarter. LSV Asset Management now owns 126,782 shares of the company’s stock valued at $3,052,000 after buying an additional 34,122 shares in the last quarter. Finally, Systematic Financial Management LP bought a new position in MYR Group during the second quarter valued at $1,838,000. 90.18% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Inc. (NASDAQ:MYRG) opened at 29.53 on Monday. The company has a market cap of $474.05 million, a P/E ratio of 29.83 and a beta of 0.51. The stock’s 50 day moving average price is $29.37 and its 200 day moving average price is $26.15. MYR Group Inc. has a 52-week low of $17.77 and a 52-week high of $30.94.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $261.90 million for the quarter, compared to analysts’ expectations of $279.96 million. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The business’s revenue for the quarter was down 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.38 EPS. Analysts expect that MYR Group Inc. will post $1.14 earnings per share for the current year.
Several equities analysts have recently weighed in on MYRG shares. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “strong sell” rating in a research report on Thursday, June 23rd. Maxim Group boosted their target price on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Canaccord Genuity reissued a “buy” rating and set a $32.00 target price on shares of MYR Group in a research report on Sunday, August 7th. Finally, Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $27.00 to $30.00 in a research report on Friday, August 12th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $29.29.
In other MYR Group news, Chairman William A. Koertner sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the chairman now owns 304,337 shares in the company, valued at $9,130,110. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tod M. Cooper sold 9,212 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the transaction, the insider now owns 34,319 shares in the company, 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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