Corbyn Investment Management Inc. MD lowered its stake in shares of MYR Group Inc (NASDAQ:MYRG) by 16.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 175,242 shares of the utilities provider’s stock after selling 35,213 shares during the period. MYR Group makes up approximately 2.5% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 17th largest position. Corbyn Investment Management Inc. MD’s holdings in MYR Group were worth $6,069,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of MYRG. Quantamental Technologies LLC purchased a new position in shares of MYR Group during the 4th quarter worth approximately $28,000. BNP Paribas Arbitrage SA boosted its position in shares of MYR Group by 698.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 2,939 shares during the period. Metropolitan Life Insurance Co. NY boosted its position in shares of MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after purchasing an additional 4,828 shares during the period. Oregon Public Employees Retirement Fund purchased a new position in shares of MYR Group during the 4th quarter worth approximately $177,000. Finally, Bank of Montreal Can boosted its position in shares of MYR Group by 386.6% during the 1st quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock worth $179,000 after purchasing an additional 4,106 shares during the period. 88.03% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on MYRG. ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday. BidaskClub lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Stifel Nicolaus upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, January 17th. Finally, Robert W. Baird set a $34.00 target price on shares of MYR Group and gave the stock a “hold” rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. MYR Group has an average rating of “Hold” and an average target price of $38.25.
In other MYR Group news, SVP Gerald B. Jr. Engen sold 2,877 shares of the stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $36.52, for a total transaction of $105,068.04. Following the sale, the senior vice president now directly owns 48,736 shares in the company, valued at approximately $1,779,838.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gary Ronald Johnson sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $36.00, for a total transaction of $72,000.00. Following the sale, the director now owns 21,424 shares in the company, valued at $771,264. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,042 shares of company stock worth $568,546. 4.50% of the stock is owned by company insiders.
MYR Group stock opened at $32.02 on Thursday. The company has a market cap of $537.50 million, a price-to-earnings ratio of 17.12 and a beta of 0.64. MYR Group Inc has a 52-week low of $26.24 and a 52-week high of $40.81. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.05. The company had revenue of $468.10 million for the quarter, compared to analyst estimates of $395.83 million. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The firm’s quarterly revenue was up 35.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 EPS. Equities analysts expect that MYR Group Inc will post 2.36 earnings per share for the current fiscal 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 industry.
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