MYR Group, Inc. (NASDAQ:MYRG) Director William Patterson sold 3,482 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $30.10, for a total value of $104,808.20. Following the sale, the director now owns 23,934 shares of the company’s stock, valued at approximately $720,413.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
MYR Group, Inc. (NASDAQ MYRG) traded up 0.03% on Friday, reaching $31.20. The company’s stock had a trading volume of 159,677 shares. The firm’s 50 day moving average price is $31.77 and its 200-day moving average price is $37.31. MYR Group, Inc. has a 52 week low of $21.84 and a 52 week high of $43.77. The company has a market capitalization of $513.99 million, a price-to-earnings ratio of 25.16 and a beta of 0.42.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by $0.22. MYR Group had a return on equity of 8.08% and a net margin of 1.74%. The firm had revenue of $300.13 million for the quarter, compared to the consensus estimate of $300.97 million. On average, equities analysts predict that MYR Group, Inc. will post $1.37 EPS for the current year.
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MYRG has been the subject of several recent analyst reports. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Tuesday, March 14th. TheStreet cut MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a research note on Friday, May 5th. Finally, FBR & Co restated an “outperform” rating and set a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $37.80.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in MYR Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock worth $35,937,000 after buying an additional 29,806 shares in the last quarter. Macquarie Group Ltd. increased its position in MYR Group by 15.5% in the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock worth $28,114,000 after buying an additional 91,962 shares in the last quarter. JPMorgan Chase & Co. increased its position in MYR Group by 46.1% in the first quarter. JPMorgan Chase & Co. now owns 615,392 shares of the utilities provider’s stock worth $25,231,000 after buying an additional 194,092 shares in the last quarter. Numeric Investors LLC increased its stake in shares of MYR Group by 79.9% in the fourth quarter. Numeric Investors LLC now owns 444,927 shares of the utilities provider’s stock valued at $16,765,000 after buying an additional 197,547 shares during the period. Finally, State Street Corp increased its stake in shares of MYR Group by 6.3% in the first quarter. State Street Corp now owns 415,984 shares of the utilities provider’s stock valued at $17,059,000 after buying an additional 24,657 shares during the period. 88.74% of the stock is currently owned by institutional investors.
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). 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.
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