MYR Group, Inc. $MYRG Stake Trimmed by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD lowered its position in MYR Group, Inc. (NASDAQ:MYRG) by 7.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,346 shares of the utilities provider’s stock after selling 6,018 shares during the period. MYR Group makes up approximately 4.5% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 3rd biggest holding. Corbyn Investment Management Inc. MD owned approximately 0.48% of MYR Group worth $15,466,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bank of Montreal Can grew its stake in MYR Group by 1.4% in the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after purchasing an additional 56 shares in the last quarter. MAI Capital Management raised its holdings in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares in the last quarter. Inspire Investing LLC raised its holdings in shares of MYR Group by 2.6% in the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after acquiring an additional 56 shares in the last quarter. Linden Thomas Advisory Services LLC lifted its stake in MYR Group by 0.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock worth $2,056,000 after acquiring an additional 75 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in MYR Group by 4.8% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,641 shares of the utilities provider’s stock worth $298,000 after acquiring an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MYRG shares. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $201.67.

Insider Buying and Selling at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

MYR Group Stock Performance

Shares of MYRG stock opened at $232.56 on Tuesday. MYR Group, Inc. has a 12-month low of $97.72 and a 12-month high of $241.13. The business’s fifty day simple moving average is $223.16 and its 200-day simple moving average is $201.60. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.61 billion, a PE ratio of 37.57 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

MYR Group Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.