UBS Asset Management Americas Inc. reduced its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 5.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 20,651 shares of the utilities provider’s stock after selling 1,188 shares during the period. UBS Asset Management Americas Inc. owned about 0.13% of MYR Group worth $847,000 as of its most recent SEC filing.
Other hedge funds have also bought and sold shares of the company. Comerica Bank boosted its stake in MYR Group by 4.9% in the fourth quarter. Comerica Bank now owns 17,082 shares of the utilities provider’s stock worth $645,000 after buying an additional 796 shares during the period. State Street Corp boosted its stake in MYR Group by 1.5% in the fourth quarter. State Street Corp now owns 391,327 shares of the utilities provider’s stock worth $14,745,000 after buying an additional 5,634 shares during the period. Renaissance Technologies LLC boosted its stake in MYR Group by 16.7% in the fourth quarter. Renaissance Technologies LLC now owns 238,200 shares of the utilities provider’s stock worth $8,975,000 after buying an additional 34,000 shares during the period. Teachers Advisors LLC boosted its stake in MYR Group by 96.2% in the fourth quarter. Teachers Advisors LLC now owns 59,924 shares of the utilities provider’s stock worth $2,258,000 after buying an additional 29,387 shares during the period. Finally, Macquarie Group Ltd. boosted its stake in MYR Group by 5.0% in the fourth quarter. Macquarie Group Ltd. now owns 593,737 shares of the utilities provider’s stock worth $22,372,000 after buying an additional 28,270 shares during the period. Institutional investors and hedge funds own 88.65% of the company’s stock.
Shares of MYR Group, Inc. (NASDAQ:MYRG) opened at 31.36 on Thursday. MYR Group, Inc. has a 52 week low of $21.84 and a 52 week high of $43.77. The stock has a 50 day moving average price of $30.67 and a 200-day moving average price of $36.08. The firm has a market capitalization of $516.62 million, a price-to-earnings ratio of 25.29 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.29 by $0.22. The firm had revenue of $300.13 million during the quarter, compared to analysts’ expectations of $300.97 million. MYR Group had a net margin of 1.74% and a return on equity of 8.08%. On average, analysts anticipate that MYR Group, Inc. will post $1.37 EPS for the current year.
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MYRG has been the subject of a number of recent analyst reports. Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a research report on Friday, May 5th. Zacks Investment Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 9th. FBR & Co restated an “outperform” rating and issued a $37.00 price objective (down from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, TheStreet cut MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $37.80.
In other MYR Group news, VP Gerald B. Jr. Engen sold 1,210 shares of the stock in a transaction on Monday, July 17th. The stock was sold at an average price of $31.01, for a total transaction of $37,522.10. Following the sale, the vice president now owns 68,185 shares in the company, valued at approximately $2,114,416.85. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the stock in a transaction on Friday, June 2nd. The shares were bought at an average price of $29.78 per share, for a total transaction of $29,780.00. Following the acquisition, the director now owns 2,625 shares in the company, valued at approximately $78,172.50. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 14,692 shares of company stock worth $442,330. 5.00% of the stock is owned by insiders.
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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