Vanguard Group Inc. grew its stake in MYR Group, Inc. (NASDAQ:MYRG) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 910,518 shares of the utilities provider’s stock after purchasing an additional 33,997 shares during the period. Vanguard Group Inc. owned about 5.52% of MYR Group worth $28,245,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in 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 worth $100,000 after purchasing an additional 1,462 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position in MYR Group by 4.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares in the last quarter. Sei Investments Co. purchased a new stake in MYR Group in the 2nd quarter worth approximately $170,000. Louisiana State Employees Retirement System boosted its position in MYR Group by 3.1% in the 2nd quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock worth $208,000 after purchasing an additional 200 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in MYR Group by 2.4% in the 2nd quarter. Arizona State Retirement System now owns 8,559 shares of the utilities provider’s stock worth $266,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 87.57% of the company’s stock.
MYR Group, Inc. (NASDAQ MYRG) opened at $33.59 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.84 and a current ratio of 1.84. The firm has a market capitalization of $552.96, a P/E ratio of 36.12 and a beta of 0.43. MYR Group, Inc. has a 52 week low of $23.00 and a 52 week high of $43.77.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.17). The business had revenue of $373.50 million for the quarter, compared to analyst estimates of $350.80 million. MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The company’s quarterly revenue was up 31.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.38 earnings per share. research analysts anticipate that MYR Group, Inc. will post 0.82 earnings per share for the current year.
MYR Group declared that its board has approved a stock buyback plan on Wednesday, August 2nd that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the utilities provider to purchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several research analysts have recently weighed in on the company. FBR & Co reduced their target price on MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a research note on Friday, August 18th. B. Riley reaffirmed a “neutral” rating on shares of MYR Group in a research note on Wednesday, November 1st. Robert W. Baird upped their target price on MYR Group from $34.00 to $35.00 and gave the stock an “outperform” rating in a research note on Friday, November 3rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $36.00 target price on shares of MYR Group in a research note on Tuesday, August 29th. Finally, KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a research note on Friday, September 8th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $31.75.
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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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