Two Sigma Advisers LP reduced its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 16.1% in the fourth quarter, HoldingsChannel reports. The firm owned 63,180 shares of the utilities provider’s stock after selling 12,100 shares during the period. Two Sigma Advisers LP’s holdings in MYR Group were worth $2,257,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BNP Paribas Arbitrage SA boosted its stake in shares of MYR Group by 56.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,501 shares of the utilities provider’s stock worth $248,000 after acquiring an additional 3,077 shares in the last quarter. Sei Investments Co. boosted its stake in shares of MYR Group by 50.9% during the 3rd quarter. Sei Investments Co. now owns 8,229 shares of the utilities provider’s stock worth $240,000 after acquiring an additional 2,774 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of MYR Group by 40.0% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after acquiring an additional 2,290 shares in the last quarter. Citadel Advisors LLC bought a new stake in shares of MYR Group during the 3rd quarter worth $785,000. Finally, Wells Fargo & Company MN boosted its stake in shares of MYR Group by 7.3% during the 3rd quarter. Wells Fargo & Company MN now owns 77,129 shares of the utilities provider’s stock worth $2,247,000 after acquiring an additional 5,246 shares in the last quarter. 89.43% of the stock is owned by hedge funds and other institutional investors.
In related news, Chairman William A. Koertner sold 20,978 shares of MYR Group stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $35.18, for a total transaction of $738,006.04. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.90% of the stock is owned by company insiders.
MYRG has been the topic of several recent research reports. Robert W. Baird set a $40.00 target price on MYR Group and gave the company a “buy” rating in a report on Wednesday, March 7th. Canaccord Genuity raised their target price on MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, March 9th. BidaskClub lowered MYR Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. Zacks Investment Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 15th. Finally, ValuEngine lowered MYR Group from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $36.00.
Shares of NASDAQ:MYRG opened at $30.58 on Friday. The stock has a market capitalization of $516.91, a PE ratio of 37.75 and a beta of 0.46. MYR Group, Inc. has a 52-week low of $23.00 and a 52-week high of $43.49. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.01 and a current ratio of 2.01.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. MYR Group had a return on equity of 4.90% and a net margin of 1.51%. The company had revenue of $373.50 million for the quarter, compared to the consensus estimate of $373.85 million. During the same period last year, the business posted $0.48 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. sell-side analysts predict that MYR Group, Inc. will post 1.94 earnings per share for the current year.
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About MYR Group
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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