Northern Trust Corp reduced its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 19.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 241,299 shares of the utilities provider’s stock after selling 58,960 shares during the quarter. Northern Trust Corp owned approximately 1.46% of MYR Group worth $7,485,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its holdings in shares of MYR Group by 3.9% during the first quarter. Principal Financial Group Inc. now owns 122,795 shares of the utilities provider’s stock worth $5,035,000 after purchasing an additional 4,579 shares during the period. Capital Fund Management S.A. boosted its holdings in shares of MYR Group by 400.0% during the second quarter. Capital Fund Management S.A. now owns 29,000 shares of the utilities provider’s stock worth $900,000 after purchasing an additional 23,200 shares during the period. LSV Asset Management boosted its holdings in shares of MYR Group by 2.8% during the second quarter. LSV Asset Management now owns 152,427 shares of the utilities provider’s stock worth $4,728,000 after purchasing an additional 4,100 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of MYR Group by 6.6% during the second quarter. Ameriprise Financial Inc. now owns 160,529 shares of the utilities provider’s stock worth $4,980,000 after purchasing an additional 9,926 shares during the period. Finally, Teachers Advisors LLC boosted its holdings in shares of MYR Group by 11.8% during the second quarter. Teachers Advisors LLC now owns 94,672 shares of the utilities provider’s stock worth $2,937,000 after purchasing an additional 9,995 shares during the period. Institutional investors and hedge funds own 87.57% of the company’s stock.
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Shares of MYR Group, Inc. (MYRG) opened at $33.59 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a market cap of $552.96, a P/E ratio of 36.12 and a beta of 0.43. MYR Group, Inc. has a one year low of $23.00 and a one year high of $43.77.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). The business had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. MYR Group had a net margin of 1.12% and a return on equity of 5.76%. MYR Group’s revenue was up 31.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.38 earnings per share. equities research analysts predict that MYR Group, Inc. will post 0.82 EPS for the current fiscal year.
MYR Group announced that its board has initiated a share buyback plan on Wednesday, August 2nd that allows the company to repurchase $20.00 million in shares. This repurchase authorization allows the utilities provider to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
MYRG has been the subject of several research reports. Robert W. Baird restated a “buy” rating and set a $34.00 price target on shares of MYR Group in a report on Tuesday, September 5th. KeyCorp restated a “hold” rating on shares of MYR Group in a report on Friday, September 8th. FBR & Co decreased their price target on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, August 18th. Zacks Investment Research upgraded shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, Stifel Nicolaus restated a “hold” rating and set a $29.00 price target (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $31.75.
MYR Group 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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