MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Huber Capital Management LLC

Huber Capital Management LLC cut its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 3.5% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 3,675 shares of the utilities provider’s stock after selling 132 shares during the period. Huber Capital Management LLC’s holdings in MYR Group were worth $499,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after purchasing an additional 5,055 shares in the last quarter. Capital World Investors boosted its holdings in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the last quarter. Swedbank AB purchased a new stake in MYR Group during the 1st quarter worth approximately $51,452,000. Thornburg Investment Management Inc. increased its stake in MYR Group by 15.7% during the 1st quarter. Thornburg Investment Management Inc. now owns 132,514 shares of the utilities provider’s stock worth $23,422,000 after buying an additional 17,936 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of MYR Group by 4.3% during the second quarter. Bank of New York Mellon Corp now owns 128,297 shares of the utilities provider’s stock valued at $17,411,000 after acquiring an additional 5,287 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Down 0.8 %

Shares of MYRG opened at $101.66 on Friday. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $181.02. The firm has a market capitalization of $1.70 billion, a P/E ratio of 19.70 and a beta of 0.93. The firm has a 50-day moving average price of $110.70 and a 200 day moving average price of $139.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.33 EPS. Sell-side analysts forecast that MYR Group Inc. will post 0.91 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on MYRG shares. The Goldman Sachs Group lowered their price target on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research note on Thursday. Robert W. Baird lowered their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus reduced their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $137.75.

MYR Group Company Profile

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, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.