OxFORD Asset Management LLP reduced its position in MYR Group, Inc. (NASDAQ:MYRG) by 29.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 44,538 shares of the utilities provider’s stock after selling 18,597 shares during the period. OxFORD Asset Management LLP owned about 0.27% of MYR Group worth $1,382,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in MYRG. Great West Life Assurance Co. Can grew its stake in MYR Group by 4.6% in the 1st quarter. Great West Life Assurance Co. Can now owns 22,086 shares of the utilities provider’s stock worth $905,000 after acquiring an additional 967 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of MYR Group by 8.2% in the 1st quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock valued at $9,129,000 after purchasing an additional 16,805 shares during the last quarter. Comerica Bank boosted its holdings in shares of MYR Group by 3.7% in the 1st quarter. Comerica Bank now owns 17,706 shares of the utilities provider’s stock valued at $762,000 after purchasing an additional 624 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of MYR Group in the 1st quarter valued at $526,000. Finally, Ameriprise Financial Inc. boosted its holdings in shares of MYR Group by 16.8% in the 1st quarter. Ameriprise Financial Inc. now owns 150,603 shares of the utilities provider’s stock valued at $6,173,000 after purchasing an additional 21,703 shares during the last quarter. 87.81% of the stock is owned by hedge funds and other institutional investors.
MYR Group, Inc. (NASDAQ:MYRG) opened at 30.30 on Wednesday. The firm has a 50 day moving average of $26.89 and a 200-day moving average of $31.26. MYR Group, Inc. has a one year low of $23.00 and a one year high of $43.77. The firm has a market cap of $499.68 million, a price-to-earnings ratio of 30.09 and a beta of 0.37.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by ($0.27). The company had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 EPS. Equities research analysts forecast that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group declared that its Board of Directors has approved a stock buyback program on Wednesday, August 2nd that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the utilities provider to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
A number of equities analysts have weighed in on MYRG shares. Robert W. Baird reiterated a “buy” rating and issued a $34.00 price target on shares of MYR Group in a report on Tuesday, September 5th. KeyCorp reiterated 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 on the stock 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 reiterated a “hold” rating and issued a $29.00 price target (down previously from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $31.50.
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In other news, VP Gerald B. Jr. Engen sold 1,210 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $31.01, for a total transaction of $37,522.10. Following the transaction, the vice president now owns 68,185 shares in the company, valued at approximately $2,114,416.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Gerald B. Jr. Engen sold 8,790 shares of the stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total transaction of $274,511.70. Following the transaction, the vice president now owns 58,295 shares in the company, valued at approximately $1,820,552.85. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,000 shares of company stock worth $632,034. 5.00% of the stock is currently owned by company insiders.
About MYR Group
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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