Mirae Asset Global Investments Co. Ltd. Sells 45,990 Shares of MYR Group Inc. (NASDAQ:MYRG)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in MYR Group Inc. (NASDAQ:MYRGGet Rating) by 22.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 163,110 shares of the utilities provider’s stock after selling 45,990 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.96% of MYR Group worth $15,339,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the company. Walleye Capital LLC bought a new stake in shares of MYR Group during the 1st quarter worth $2,349,000. Rice Hall James & Associates LLC boosted its holdings in shares of MYR Group by 0.6% during the 1st quarter. Rice Hall James & Associates LLC now owns 50,391 shares of the utilities provider’s stock worth $4,739,000 after buying an additional 300 shares during the period. Keeley Teton Advisors LLC bought a new stake in shares of MYR Group during the 1st quarter worth $686,000. Jane Street Group LLC boosted its holdings in shares of MYR Group by 15.1% during the 1st quarter. Jane Street Group LLC now owns 4,904 shares of the utilities provider’s stock worth $461,000 after buying an additional 643 shares during the period. Finally, Lido Advisors LLC bought a new stake in shares of MYR Group during the 1st quarter worth $389,000. 87.57% of the stock is owned by institutional investors.

Analyst Ratings Changes

MYRG has been the subject of several recent analyst reports. StockNews.com raised shares of MYR Group from a “hold” rating to a “buy” rating in a report on Saturday, August 6th. Stifel Nicolaus increased their price target on shares of MYR Group from $101.00 to $110.00 in a report on Tuesday, August 2nd.

MYR Group Price Performance

Shares of MYR Group stock opened at $89.11 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.39 and a quick ratio of 1.39. MYR Group Inc. has a fifty-two week low of $74.77 and a fifty-two week high of $121.22. The firm has a fifty day moving average price of $93.12 and a two-hundred day moving average price of $90.80. The company has a market cap of $1.48 billion, a PE ratio of 18.15 and a beta of 1.09.

MYR Group (NASDAQ:MYRGGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The utilities provider reported $1.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.05. MYR Group had a net margin of 3.24% and a return on equity of 16.18%. The firm had revenue of $708.11 million during the quarter, compared to the consensus estimate of $681.15 million. During the same period in the prior year, the firm earned $1.24 EPS. The business’s revenue was up 9.0% on a year-over-year basis. Analysts expect that MYR Group Inc. will post 4.9 EPS for the current year.

Insider Activity

In other news, CFO Betty R. Johnson sold 7,148 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $98.75, for a total value of $705,865.00. Following the completion of the transaction, the chief financial officer now owns 39,124 shares in the company, valued at approximately $3,863,495. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, COO Tod M. Cooper sold 267 shares of the stock in a transaction on Monday, August 15th. The shares were sold at an average price of $100.03, for a total value of $26,708.01. Following the completion of the transaction, the chief operating officer now owns 36,785 shares in the company, valued at approximately $3,679,603.55. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Betty R. Johnson sold 7,148 shares of the stock in a transaction on Tuesday, August 16th. The shares were sold at an average price of $98.75, for a total transaction of $705,865.00. Following the completion of the transaction, the chief financial officer now owns 39,124 shares of the company’s stock, valued at approximately $3,863,495. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,240 shares of company stock worth $1,588,678. 2.80% of the stock is currently owned by corporate insiders.

About MYR Group

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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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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