State Board of Administration of Florida Retirement System Sells 3,630 Shares of MYR Group Inc. (NASDAQ:MYRG)

State Board of Administration of Florida Retirement System reduced its holdings in shares of MYR Group Inc. (NASDAQ:MYRGGet Rating) by 33.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,258 shares of the utilities provider’s stock after selling 3,630 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in MYR Group were worth $640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Royce & Associates LP lifted its holdings in shares of MYR Group by 19.8% during the second quarter. Royce & Associates LP now owns 69,220 shares of the utilities provider’s stock valued at $6,100,000 after purchasing an additional 11,458 shares in the last quarter. Fifth Third Bancorp bought a new position in MYR Group in the second quarter valued at about $219,000. GW Henssler & Associates Ltd. bought a new position in MYR Group in the second quarter valued at about $217,000. Envestnet Asset Management Inc. lifted its holdings in MYR Group by 43.5% in the second quarter. Envestnet Asset Management Inc. now owns 10,984 shares of the utilities provider’s stock valued at $968,000 after acquiring an additional 3,330 shares during the period. Finally, Nisa Investment Advisors LLC lifted its holdings in MYR Group by 8.1% in the second quarter. Nisa Investment Advisors LLC now owns 7,350 shares of the utilities provider’s stock valued at $648,000 after acquiring an additional 550 shares during the period. 87.57% of the stock is owned by institutional investors.

MYR Group Stock Up 1.7 %

NASDAQ MYRG opened at $97.14 on Friday. The stock’s 50-day moving average price is $89.16 and its 200-day moving average price is $89.78. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.16. MYR Group Inc. has a 52 week low of $74.77 and a 52 week high of $121.22. The company has a market capitalization of $1.61 billion, a P/E ratio of 20.89 and a beta of 1.05.

Insider Transactions at MYR Group

In related news, COO Tod M. Cooper sold 4,733 shares of the stock in a transaction dated Monday, August 22nd. The stock was sold at an average price of $97.00, for a total transaction of $459,101.00. Following the completion of the sale, the chief operating officer now owns 32,052 shares in the company, valued at $3,109,044. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $99.00 target price on the stock in a report on Friday, October 28th. Stifel Nicolaus increased their target price on MYR Group from $101.00 to $110.00 in a report on Tuesday, August 2nd. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $92.00 to $95.00 in a research note on Friday, October 28th. Finally, StockNews.com started coverage on MYR Group in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock.

MYR Group Profile

(Get Rating)

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.

Featured Articles

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

Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.