Swiss National Bank held its stake in MYR Group Inc. (NASDAQ:MYRG) during the second quarter, Holdings Channel reports. The institutional investor owned 31,200 shares of the company’s stock at the end of the second quarter. Swiss National Bank owned about 0.17% of MYR Group worth $751,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in MYR Group during the second quarter worth $686,000. Acadian Asset Management LLC purchased a new stake in shares of MYR Group during the second quarter valued at approximately $453,000. Palo Capital Inc. purchased a new stake in shares of MYR Group during the second quarter valued at approximately $386,000. DNB Asset Management AS boosted its stake in shares of MYR Group by 118.6% in the second quarter. DNB Asset Management AS now owns 22,688 shares of the company’s stock valued at $546,000 after buying an additional 12,308 shares during the last quarter. Finally, Loomis Sayles & Co. L P boosted its stake in shares of MYR Group by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 478,129 shares of the company’s stock valued at $12,006,000 after buying an additional 5,374 shares during the last quarter. 90.39% of the stock is currently owned by institutional investors.
MYR Group Inc. (NASDAQ:MYRG) traded up 0.46% on Monday, hitting $30.50. The company’s stock had a trading volume of 27,234 shares. The company has a market capitalization of $489.62 million, a P/E ratio of 30.81 and a beta of 0.51. MYR Group Inc. has a 1-year low of $17.77 and a 1-year high of $30.94. The company has a 50 day moving average price of $29.28 and a 200-day moving average price of $25.98.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. The business earned $261.90 million during the quarter, compared to the consensus estimate of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The business’s revenue was down 5.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.38 EPS. On average, equities analysts forecast that MYR Group Inc. will post $1.14 earnings per share for the current fiscal year.
MYRG has been the topic of several recent analyst reports. Zacks Investment Research cut MYR Group from a “hold” rating to a “strong sell” rating in a report on Thursday, June 23rd. Maxim Group boosted their target price on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Canaccord Genuity reissued a “buy” rating and set a $32.00 target price on shares of MYR Group in a report on Sunday, August 7th. Finally, Robert W. Baird cut MYR Group from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $29.29.
In other MYR Group news, Chairman William A. Koertner sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $29.50, for a total transaction of $295,000.00. Following the sale, the chairman now directly owns 304,337 shares of the company’s stock, valued at $8,977,941.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Tod M. Cooper sold 9,212 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $28.75, for a total transaction of $264,845.00. Following the sale, the insider now directly owns 34,319 shares in the company, valued at $986,671.25. The disclosure for this sale can be found here. Company insiders own 10.40% 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). 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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