MYR Group Inc (NASDAQ:MYRG) Director Sells $13,274.54 in Stock

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MYR Group Inc (NASDAQ:MYRG) Director William Patterson sold 386 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $34.39, for a total value of $13,274.54. Following the sale, the director now owns 24,426 shares of the company’s stock, valued at approximately $840,010.14. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

NASDAQ:MYRG opened at $33.87 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $32.13 and its two-hundred day moving average is $32.99. MYR Group Inc has a 52 week low of $26.24 and a 52 week high of $38.14. The company has a market cap of $580.34 million, a PE ratio of 18.11 and a beta of 0.92.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. The company had revenue of $583.21 million for the quarter, compared to the consensus estimate of $503.87 million. During the same quarter last year, the business posted $0.48 EPS. MYR Group’s quarterly revenue was up 46.0% compared to the same quarter last year. As a group, sell-side analysts expect that MYR Group Inc will post 2.05 EPS for the current fiscal year.

MYRG has been the topic of a number of research analyst reports. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. B. Riley reduced their target price on MYR Group from $39.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. ValuEngine raised MYR Group from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $35.00 to $36.00 in a report on Wednesday, September 11th. Finally, BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $37.50.

A number of large investors have recently added to or reduced their stakes in MYRG. Optimum Investment Advisors bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $37,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of MYR Group in the 3rd quarter worth approximately $44,000. Meeder Asset Management Inc. lifted its holdings in shares of MYR Group by 3,384.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 1,359 shares of the utilities provider’s stock worth $51,000 after purchasing an additional 1,320 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $61,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $108,000. 90.63% of the stock is currently owned by institutional investors.

About MYR Group

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.

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