Swiss National Bank continued to hold its stake in MYR Group, Inc. (NASDAQ:MYRG) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 27,200 shares of the utilities provider’s stock at the end of the first quarter. Swiss National Bank’s holdings in MYR Group were worth $1,115,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the company. 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 in 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 in the last quarter. AQR Capital Management LLC raised its stake in shares of MYR Group by 22.5% in the fourth quarter. AQR Capital Management LLC now owns 292,825 shares of the utilities provider’s stock worth $11,034,000 after buying an additional 53,702 shares in 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 in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of MYR Group by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock worth $9,129,000 after buying an additional 16,805 shares in the last quarter. Institutional investors and hedge funds own 88.74% of the company’s stock.
MYR Group, Inc. (NASDAQ:MYRG) opened at 31.18 on Thursday. The stock’s 50 day moving average is $30.07 and its 200 day moving average is $36.81. MYR Group, Inc. has a 1-year low of $21.84 and a 1-year high of $43.77. The company has a market cap of $513.66 million, a P/E ratio of 25.15 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ 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 anticipate that MYR Group, Inc. will post $1.37 earnings per share for the current fiscal year.
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A number of brokerages have weighed in on MYRG. TheStreet lowered shares of MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Zacks Investment Research lowered shares of MYR Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 17th. FBR & Co restated an “outperform” rating and issued a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Monday, May 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. MYR Group currently has an average rating of “Buy” and an average target price of $37.80.
In other MYR Group news, Director Kenneth Michael Hartwick acquired 1,000 shares of the business’s stock in a transaction dated Friday, June 2nd. The stock was bought at an average price of $29.78 per share, with a total value of $29,780.00. Following the purchase, the director now owns 2,625 shares of the company’s stock, valued at $78,172.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William Patterson sold 3,482 shares of the company’s stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $30.10, for a total transaction of $104,808.20. Following the completion of the sale, the director now directly owns 23,934 shares of the company’s stock, valued at approximately $720,413.40. The disclosure for this sale can be found here. 5.00% of the stock is currently owned by corporate insiders.
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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