MYR Group Inc (NASDAQ:MYRG) Director William A. Koertner Sells 1,353 Shares of Stock

MYR Group Inc (NASDAQ:MYRG) Director William A. Koertner sold 1,353 shares of the firm’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $35.02, for a total value of $47,382.06. Following the transaction, the director now directly owns 305,056 shares in the company, valued at $10,683,061.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

NASDAQ:MYRG traded down $0.21 during mid-day trading on Friday, reaching $34.63. 58,900 shares of the stock were exchanged, compared to its average volume of 80,629. MYR Group Inc has a 1-year low of $26.24 and a 1-year high of $38.14. The firm has a market capitalization of $582.17 million, a PE ratio of 18.52 and a beta of 0.92. The company has a current ratio of 1.62, a quick ratio of 1.62 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average price of $32.42 and a 200 day moving average price of $32.90.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.04. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. The firm had revenue of $583.21 million during the quarter, compared to analyst estimates of $503.87 million. During the same period last year, the company posted $0.48 EPS. The business’s quarterly revenue was up 46.0% compared to the same quarter last year. On average, sell-side analysts forecast that MYR Group Inc will post 2.05 earnings per share for the current year.

A number of brokerages have recently commented on MYRG. BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Zacks Investment Research raised MYR Group from a “sell” rating to a “hold” rating in a report on Friday. ValuEngine lowered MYR Group from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and raised their price target for the company from $35.00 to $36.00 in a report on Wednesday, September 11th. Finally, B. Riley lowered their target price on MYR Group from $39.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $37.50.

A number of hedge funds and other institutional investors have recently made changes to their positions in MYRG. Bessemer Group Inc. boosted its position in MYR Group by 24.5% during the 2nd quarter. Bessemer Group Inc. now owns 47,300 shares of the utilities provider’s stock worth $1,767,000 after acquiring an additional 9,300 shares during the period. Strs Ohio lifted its holdings in shares of MYR Group by 3.9% during the 2nd quarter. Strs Ohio now owns 18,800 shares of the utilities provider’s stock valued at $702,000 after buying an additional 700 shares during the last quarter. Rothschild & Co. Asset Management US Inc. acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $3,231,000. Bowling Portfolio Management LLC acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $203,000. Finally, Optimum Investment Advisors acquired a new stake in shares of MYR Group during the 2nd quarter valued at about $37,000. Hedge funds and other institutional investors own 90.64% of the company’s stock.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry.

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