OppenheimerFunds Inc. lessened its stake in MYR Group Inc (NASDAQ:MYRG) by 5.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,572 shares of the utilities provider’s stock after selling 1,453 shares during the quarter. OppenheimerFunds Inc. owned about 0.15% of MYR Group worth $757,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of MYRG. Swiss National Bank grew its position in MYR Group by 5.5% in the first quarter. Swiss National Bank now owns 28,700 shares of the utilities provider’s stock valued at $885,000 after acquiring an additional 1,500 shares during the last quarter. California Public Employees Retirement System grew its position in MYR Group by 4.6% in the fourth quarter. California Public Employees Retirement System now owns 44,951 shares of the utilities provider’s stock valued at $1,606,000 after acquiring an additional 1,997 shares during the last quarter. Citigroup Inc. grew its position in MYR Group by 34.1% in the first quarter. Citigroup Inc. now owns 8,228 shares of the utilities provider’s stock valued at $254,000 after acquiring an additional 2,091 shares during the last quarter. Guggenheim Capital LLC grew its position in MYR Group by 7.3% in the fourth quarter. Guggenheim Capital LLC now owns 43,727 shares of the utilities provider’s stock valued at $1,563,000 after acquiring an additional 2,958 shares during the last quarter. Finally, KBC Group NV grew its position in MYR Group by 10.2% in the first quarter. KBC Group NV now owns 32,770 shares of the utilities provider’s stock valued at $1,010,000 after acquiring an additional 3,020 shares during the last quarter. 89.23% of the stock is owned by institutional investors and hedge funds.
In related news, COO Jeffrey J. Waneka sold 993 shares of the company’s stock in a transaction that occurred on Tuesday, May 8th. The stock was sold at an average price of $38.00, for a total value of $37,734.00. Following the sale, the chief operating officer now directly owns 10,371 shares in the company, valued at $394,098. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William A. Koertner sold 39,601 shares of the company’s stock in a transaction that occurred on Thursday, May 3rd. The shares were sold at an average price of $35.00, for a total value of $1,386,035.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,194 shares of company stock worth $2,303,576. Company insiders own 4.90% of the company’s stock.
MYRG has been the topic of a number of recent analyst reports. Robert W. Baird set a $40.00 target price on MYR Group and gave the company a “buy” rating in a research report on Wednesday, March 7th. Canaccord Genuity boosted their price target on MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Friday, March 9th. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Wednesday, May 9th. ValuEngine upgraded MYR Group from a “hold” rating to a “buy” rating in a report on Thursday, May 17th. Finally, BidaskClub upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Saturday, May 12th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $35.83.
NASDAQ:MYRG opened at $36.28 on Friday. The stock has a market cap of $592.50 million, a PE ratio of 35.28 and a beta of 0.59. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.24. MYR Group Inc has a 1-year low of $23.00 and a 1-year high of $40.81.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.17. The company had revenue of $345.60 million for the quarter, compared to analysts’ expectations of $320.64 million. MYR Group had a return on equity of 6.06% and a net margin of 1.77%. The business’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 earnings per share. sell-side analysts anticipate that MYR Group Inc will post 1.98 earnings per share for the current year.
MYR Group Profile
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility and the renewable energy industries.
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