MYR Group, Inc. (MYRG) Stake Boosted by GSA Capital Partners LLP

GSA Capital Partners LLP grew its holdings in MYR Group, Inc. (NASDAQ:MYRG) by 388.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 54,758 shares of the utilities provider’s stock after purchasing an additional 43,540 shares during the period. GSA Capital Partners LLP owned approximately 0.33% of MYR Group worth $1,699,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. State of Alaska Department of Revenue increased its stake in shares of MYR Group by 82.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 1,462 shares during the last quarter. LS Investment Advisors LLC increased its stake in shares of MYR Group by 266.8% in the 1st quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after purchasing an additional 1,833 shares during the last quarter. Mason Street Advisors LLC increased its stake in shares of MYR Group by 7.0% in the 1st quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after purchasing an additional 246 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of MYR Group by 4.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after purchasing an additional 217 shares during the last quarter. Finally, Sei Investments Co. bought a new position in shares of MYR Group in the 2nd quarter valued at $170,000. Institutional investors own 87.81% of the company’s stock.

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Several brokerages have recently issued reports on MYRG. KeyCorp reiterated a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. Stifel Nicolaus reiterated a “hold” rating and issued a $29.00 price target (down previously from $36.00) on shares of MYR Group in a research note on Wednesday, September 6th. Robert W. Baird reiterated a “buy” rating and issued a $34.00 price target on shares of MYR Group in a research note on Tuesday, September 5th. FBR & Co decreased their price target on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research note on Friday, August 18th. Finally, Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. MYR Group has an average rating of “Hold” and a consensus target price of $34.60.

MYR Group, Inc. (MYRG) opened at 27.31 on Friday. The stock has a 50 day moving average price of $25.59 and a 200 day moving average price of $32.44. The company has a market cap of $450.37 million, a price-to-earnings ratio of 27.12 and a beta of 0.34. MYR Group, Inc. has a 52 week low of $23.00 and a 52 week high of $43.77.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.34 by ($0.27). The firm had revenue of $356.20 million during the quarter, compared to the consensus estimate of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The company’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. On average, equities analysts forecast that MYR Group, Inc. will post $0.88 earnings per share for the current year.

MYR Group declared that its board has authorized a stock repurchase program on Wednesday, August 2nd that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the utilities provider to buy up to 3.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, VP Gerald B. Jr. Engen sold 1,210 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $31.01, for a total value of $37,522.10. Following the transaction, the vice president now owns 68,185 shares of the company’s stock, valued at $2,114,416.85. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the transaction, the vice president now directly owns 48,295 shares in the company, valued at approximately $1,545,440. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,000 shares of company stock worth $632,034. Insiders own 5.00% of the company’s stock.

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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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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