Prudential Financial Inc. reduced its position in shares of MYR Group, Inc. (NASDAQ:MYRG) by 15.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,616 shares of the utilities provider’s stock after selling 5,080 shares during the period. Prudential Financial Inc.’s holdings in MYR Group were worth $1,173,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. LS Investment Advisors LLC increased its position in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after buying an additional 1,833 shares during the period. Mason Street Advisors LLC increased its position in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock worth $154,000 after buying an additional 246 shares during the period. Hillsdale Investment Management Inc. bought a new position in MYR Group during the first quarter worth approximately $156,000. Capital Fund Management S.A. bought a new position in MYR Group during the first quarter worth approximately $238,000. Finally, Karp Capital Management Corp bought a new position in MYR Group during the first quarter worth approximately $526,000. 88.65% of the stock is owned by institutional investors and hedge funds.
MYR Group, Inc. (NASDAQ MYRG) opened at 31.30 on Friday. The firm’s 50-day moving average price is $30.73 and its 200 day moving average price is $36.05. The firm has a market cap of $515.64 million, a P/E ratio of 25.24 and a beta of 0.35. MYR Group, Inc. has a 52 week low of $24.15 and a 52 week high of $43.77.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share 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 business had revenue of $300.13 million during the quarter, compared to analysts’ expectations of $300.97 million. Equities analysts forecast that MYR Group, Inc. will post $1.37 earnings per share for the current fiscal year.
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A number of research firms recently commented on MYRG. Zacks Investment Research raised MYR Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday. FBR & Co reissued an “outperform” rating and set a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. TheStreet downgraded MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a research note on Friday, May 5th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $37.80.
In other MYR Group news, Director Kenneth Michael Hartwick purchased 1,000 shares of the stock in a transaction on Friday, June 2nd. The shares were purchased at an average price of $29.78 per share, with a total value of $29,780.00. Following the acquisition, the director now directly owns 2,625 shares in the company, valued at approximately $78,172.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director William Patterson sold 3,482 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The shares were sold at an average price of $30.10, for a total value of $104,808.20. Following the completion of the sale, the director now directly owns 23,934 shares in the company, valued at approximately $720,413.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,482 shares of company stock worth $716,842. Insiders own 5.00% of the company’s stock.
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). 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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