Insider Selling: MYR Group, Inc. (MYRG) Director Sells 3,482 Shares of Stock

MYR Group, Inc. (NASDAQ:MYRG) Director William Patterson sold 3,482 shares of the company’s stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $30.10, for a total transaction of $104,808.20. Following the transaction, the director now owns 23,934 shares of the company’s stock, valued at approximately $720,413.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

MYR Group, Inc. (NASDAQ:MYRG) traded down 2.39% during midday trading on Tuesday, reaching $30.22. 18,710 shares of the company traded hands. The company has a market cap of $497.84 million, a price-to-earnings ratio of 24.37 and a beta of 0.42. MYR Group, Inc. has a 12-month low of $21.84 and a 12-month high of $43.77. The company has a 50-day moving average price of $31.45 and a 200-day moving average price of $37.25.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.22. MYR Group had a return on equity of 8.08% and a net margin of 1.74%. The business had revenue of $300.13 million for the quarter, compared to the consensus estimate of $300.97 million. On average, analysts predict that MYR Group, Inc. will post $1.37 earnings per share for the current fiscal year.

Insider Buying and Selling by Quarter for MYR Group (NASDAQ:MYRG)

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Several research firms recently issued reports on MYRG. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $47.00 target price on the stock in a research report on Tuesday, March 14th. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target for the company in a research note on Friday, May 5th. FBR & Co reaffirmed an “outperform” rating and issued a $37.00 price objective (down previously from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. Finally, TheStreet downgraded shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $37.80.

A number of hedge funds have recently added to or reduced their stakes in MYRG. Russell Investments Group Ltd. purchased a new stake in MYR Group during the fourth quarter valued at about $4,320,000. Comerica Bank increased its stake in MYR Group by 4.9% in the fourth quarter. Comerica Bank now owns 17,082 shares of the utilities provider’s stock valued at $645,000 after buying an additional 796 shares during the period. State Street Corp boosted its position 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 valued at $14,745,000 after buying an additional 5,634 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of MYR Group by 13.2% in the fourth quarter. Martingale Asset Management L P now owns 97,531 shares of the utilities provider’s stock valued at $3,675,000 after buying an additional 11,346 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of MYR Group by 6,231.1% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 12,029 shares of the utilities provider’s stock valued at $453,000 after buying an additional 11,839 shares in the last quarter. Institutional investors and hedge funds own 88.74% 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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