Shell Asset Management Co. decreased its stake in MYR Group Inc. (NASDAQ:MYRG) by 5.4% during the second quarter, Holdings Channel reports. The institutional investor owned 61,138 shares of the company’s stock after selling 3,484 shares during the period. Shell Asset Management Co.’s holdings in MYR Group were worth $1,472,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in MYRG. Palo Capital Inc. bought a new stake in shares of MYR Group during the second quarter valued at $386,000. Acadian Asset Management LLC bought a new stake in shares of MYR Group during the second quarter valued at $453,000. DNB Asset Management AS increased its stake in shares of MYR Group by 118.6% in the second quarter. DNB Asset Management AS now owns 22,688 shares of the company’s stock valued at $546,000 after buying an additional 12,308 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of 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 in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of 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 in the last quarter. 90.39% of the stock is currently owned by institutional investors.
Shares of MYR Group Inc. (NASDAQ:MYRG) traded up 1.59% on Friday, reaching $30.10. 186,777 shares of the company were exchanged. The company has a market capitalization of $483.20 million, a P/E ratio of 30.40 and a beta of 0.67. MYR Group Inc. has a 52-week low of $17.77 and a 52-week high of $30.38. The stock has a 50 day moving average of $28.97 and a 200-day moving average of $25.79.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The business earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The company’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 firm posted $0.38 earnings per share. On average, analysts predict that MYR Group Inc. will post $1.14 EPS for the current fiscal year.
Several brokerages have weighed in on MYRG. Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and increased their price target for the stock from $27.00 to $30.00 in a research report on Friday, August 12th. Canaccord Genuity reissued a “buy” rating and set a $32.00 target price on shares of MYR Group in a research note on Sunday, August 7th. Maxim Group increased their target price on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Zacks Investment Research raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. MYR Group presently has a consensus rating of “Hold” and a consensus target price of $28.43.
In other MYR Group news, insider Tod M. Cooper sold 9,212 shares of MYR Group stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $28.75, for a total value of $264,845.00. Following the transaction, the insider now directly owns 34,319 shares in the company, valued at $986,671.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman William A. Koertner sold 10,000 shares of MYR Group stock in a transaction on Wednesday, September 28th. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chairman now owns 304,337 shares in the company, valued at $9,130,110. The disclosure for this sale can be found here. 10.40% of the stock is currently 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). 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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