MYR Group, Inc. $MYRG Shares Sold by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD cut its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 7.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 74,346 shares of the utilities provider’s stock after selling 6,018 shares during the quarter. MYR Group comprises approximately 4.5% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 3rd biggest holding. Corbyn Investment Management Inc. MD’s holdings in MYR Group were worth $15,466,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC acquired a new stake in MYR Group during the 3rd quarter worth about $1,506,000. Townsend & Associates Inc raised its stake in shares of MYR Group by 1.7% in the third quarter. Townsend & Associates Inc now owns 114,802 shares of the utilities provider’s stock worth $23,881,000 after purchasing an additional 1,912 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of MYR Group in the third quarter worth about $34,000. Optivise Advisory Services LLC acquired a new stake in shares of MYR Group during the third quarter worth about $240,000. Finally, Inspire Investing LLC boosted its position in MYR Group by 2.6% in the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after buying an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MYRG has been the subject of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Stifel Nicolaus boosted their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $201.67.

MYR Group Stock Up 2.6%

MYRG stock opened at $232.56 on Tuesday. MYR Group, Inc. has a one year low of $97.72 and a one year high of $241.13. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The firm’s fifty day moving average is $223.16 and its 200 day moving average is $201.60. The firm has a market cap of $3.61 billion, a PE ratio of 37.57 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The company’s revenue was up 7.0% compared to the same quarter last year. On average, research analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.