Gerald B. Jr. Engen Sells 1,210 Shares of MYR Group, Inc. (NASDAQ:MYRG) Stock
MYR Group, Inc. (NASDAQ:MYRG) VP Gerald B. Jr. Engen sold 1,210 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $31.01, for a total transaction of $37,522.10. Following the sale, the vice president now directly owns 68,185 shares of the company’s stock, valued at approximately $2,114,416.85. The sale was disclosed in a filing with the SEC, which is available at the SEC website.
Shares of MYR Group, Inc. (NASDAQ MYRG) traded down 0.84% during trading on Tuesday, reaching $30.72. 54,299 shares of the company traded hands. The stock has a market capitalization of $506.08 million, a PE ratio of 24.77 and a beta of 0.35. MYR Group, Inc. has a 12-month low of $21.84 and a 12-month high of $43.77. The firm’s 50-day moving average is $30.07 and its 200-day moving average is $36.81.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by $0.22. MYR Group had a net margin of 1.74% and a return on equity of 8.08%. The company had revenue of $300.13 million for the quarter, compared to the consensus estimate of $300.97 million. On average, equities analysts predict that MYR Group, Inc. will post $1.37 earnings per share for the current fiscal year.
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Several equities analysts recently commented on MYRG shares. Zacks Investment Research raised shares of MYR Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday. TheStreet downgraded shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. FBR & Co reissued an “outperform” rating and issued a $37.00 price objective (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. Finally, Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a research note on Monday, May 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $37.80.
Several large investors have recently made changes to their positions in MYRG. Comerica Bank raised its stake in shares of MYR Group by 4.9% in the fourth quarter. Comerica Bank now owns 17,082 shares of the utilities provider’s stock worth $645,000 after buying an additional 796 shares during the last quarter. State Street Corp raised its stake in shares of MYR Group by 1.5% in the fourth quarter. State Street Corp now owns 391,327 shares of the utilities provider’s stock worth $14,745,000 after buying an additional 5,634 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of MYR Group by 16.7% in the fourth quarter. Renaissance Technologies LLC now owns 238,200 shares of the utilities provider’s stock worth $8,975,000 after buying an additional 34,000 shares during the last quarter. Teachers Advisors LLC raised its stake in shares of MYR Group by 96.2% in the fourth quarter. Teachers Advisors LLC now owns 59,924 shares of the utilities provider’s stock worth $2,258,000 after buying an additional 29,387 shares during the last quarter. Finally, Macquarie Group Ltd. raised its stake in shares of MYR Group by 5.0% in the fourth quarter. Macquarie Group Ltd. now owns 593,737 shares of the utilities provider’s stock worth $22,372,000 after buying an additional 28,270 shares during the last quarter. Hedge funds and other institutional investors own 88.65% of the company’s stock.
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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