MYR Group, Inc. $MYRG Stock Position Lowered by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD decreased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 12.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 60,844 shares of the utilities provider’s stock after selling 8,319 shares during the period. MYR Group makes up about 5.7% of Corbyn Investment Management Inc. MD’s portfolio, making the stock its 3rd biggest holding. Corbyn Investment Management Inc. MD’s holdings in MYR Group were worth $17,177,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Farther Finance Advisors LLC increased its holdings in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new position in shares of MYR Group during the fourth quarter worth about $35,000. Signaturefd LLC boosted its position in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the period. Hantz Financial Services Inc. boosted its holdings in MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after acquiring an additional 160 shares during the period. Finally, Kestra Advisory Services LLC acquired a new stake in MYR Group during the 4th quarter valued at $66,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MYRG shares. Robert W. Baird set a $373.00 target price on MYR Group in a research note on Thursday, April 30th. Cantor Fitzgerald increased their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Performance

NASDAQ MYRG opened at $433.01 on Monday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The company has a 50-day simple moving average of $442.30 and a 200-day simple moving average of $326.40. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market capitalization of $6.74 billion, a PE ratio of 47.74 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the business earned $1.45 earnings per share. MYR Group’s quarterly revenue was up 20.0% on a year-over-year basis. On average, equities analysts forecast that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

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.