MYR Group Inc. (NASDAQ:MYRG) Chairman William A. Koertner sold 30,000 shares of MYR Group stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $28.58, for a total value of $857,400.00. Following the sale, the chairman now directly owns 304,337 shares of the company’s stock, valued at $8,697,951.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

MYR Group Inc. (NASDAQ:MYRG) opened at 29.47 on Thursday. MYR Group Inc. has a 12-month low of $17.77 and a 12-month high of $29.85. The company has a market capitalization of $473.08 million, a price-to-earnings ratio of 29.77 and a beta of 0.67. The firm’s 50-day moving average price is $28.48 and its 200 day moving average price is $25.56.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.33 by $0.02. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The business had revenue of $261.90 million for the quarter, compared to the consensus estimate of $279.96 million. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts expect that MYR Group Inc. will post $1.14 earnings per share for the current year.

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Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its position in shares of MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock worth $193,000 after buying an additional 325 shares during the last quarter. US Bancorp DE boosted its position in shares of MYR Group by 9.4% in the second quarter. US Bancorp DE now owns 4,279 shares of the company’s stock worth $103,000 after buying an additional 368 shares during the last quarter. Alambic Investment Management L.P. boosted its position in shares of MYR Group by 5.1% in the second quarter. Alambic Investment Management L.P. now owns 14,400 shares of the company’s stock worth $347,000 after buying an additional 700 shares during the last quarter. BlackRock Group LTD boosted its position in shares of MYR Group by 6.4% in the second quarter. BlackRock Group LTD now owns 23,170 shares of the company’s stock worth $558,000 after buying an additional 1,384 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its position in shares of MYR Group by 1.9% in the second quarter. Guggenheim Capital LLC now owns 96,016 shares of the company’s stock worth $2,312,000 after buying an additional 1,822 shares during the last quarter. Hedge funds and other institutional investors own 90.39% of the company’s stock.

A number of brokerages recently commented on MYRG. Robert W. Baird cut MYR Group from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Canaccord Genuity reaffirmed a “buy” rating and set a $32.00 price objective on shares of MYR Group in a research note on Sunday, August 7th. Maxim Group lifted their price objective on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Finally, Zacks Investment Research raised MYR Group from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $28.43.

MYR Group Company 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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.

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