MYR Group Inc. (NASDAQ:MYRG) Chairman William A. Koertner sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the chairman now owns 304,337 shares in the company, valued at approximately $9,130,110. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.
MYR Group Inc. (NASDAQ:MYRG) opened at 30.29 on Tuesday. MYR Group Inc. has a 1-year low of $17.77 and a 1-year high of $30.40. The firm has a market cap of $486.25 million, a PE ratio of 30.60 and a beta of 0.51. The company has a 50 day moving average price of $29.04 and a 200 day moving average price of $25.84.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results 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 had revenue of $261.90 million for the quarter, compared to the consensus estimate of $279.96 million. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 EPS. On average, equities research analysts forecast that MYR Group Inc. will post $1.14 earnings per share for the current year.
A number of research analysts have commented on MYRG shares. Canaccord Genuity restated a “buy” rating and set a $32.00 price objective on shares of MYR Group in a research note on Sunday, August 7th. Maxim Group boosted their price target on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research upgraded MYR Group from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Finally, Robert W. Baird cut MYR Group from an “outperform” rating to a “neutral” rating and boosted their price target for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Five equities research 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.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Macquarie Group Ltd. raised its stake in MYR Group by 27.4% in the second quarter. Macquarie Group Ltd. now owns 539,756 shares of the company’s stock valued at $12,997,000 after buying an additional 115,981 shares during the last quarter. Wolverine Asset Management LLC raised its stake in MYR Group by 3,900.0% in the second quarter. Wolverine Asset Management LLC now owns 36,000 shares of the company’s stock valued at $866,000 after buying an additional 35,100 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in MYR Group by 3.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 127,920 shares of the company’s stock valued at $3,081,000 after buying an additional 4,088 shares during the last quarter. Numeric Investors LLC purchased a new stake in MYR Group during the second quarter valued at $315,000. Finally, Highbridge Capital Management LLC purchased a new stake in MYR Group during the second quarter valued at $538,000. Hedge funds and other institutional investors own 90.39% 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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