American International Group Inc. lessened its holdings in shares of MYR Group Inc. (NASDAQ:MYRG) by 1.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,890 shares of the utilities provider’s stock after selling 122 shares during the quarter. American International Group Inc. owned 0.06% of MYR Group worth $780,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also bought and sold shares of the company. Rhumbline Advisers increased its position in MYR Group by 6.6% during the 4th quarter. Rhumbline Advisers now owns 51,576 shares of the utilities provider’s stock worth $3,100,000 after purchasing an additional 3,210 shares in the last quarter. Federated Hermes Inc. increased its position in MYR Group by 26,225.0% during the 4th quarter. Federated Hermes Inc. now owns 150,579 shares of the utilities provider’s stock worth $9,050,000 after purchasing an additional 150,007 shares in the last quarter. ARGI Investment Services LLC increased its position in MYR Group by 6.8% during the 1st quarter. ARGI Investment Services LLC now owns 11,051 shares of the utilities provider’s stock worth $792,000 after purchasing an additional 699 shares in the last quarter. Lazard Asset Management LLC increased its position in MYR Group by 779.4% during the 4th quarter. Lazard Asset Management LLC now owns 37,526 shares of the utilities provider’s stock worth $2,255,000 after purchasing an additional 33,259 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in MYR Group by 229.8% during the 4th quarter. Principal Financial Group Inc. now owns 394,181 shares of the utilities provider’s stock worth $23,690,000 after purchasing an additional 274,663 shares in the last quarter. 90.52% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $70.00 price target for the company in a report on Tuesday, March 9th.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 28th. The utilities provider reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.63 by $0.54. The firm had revenue of $592.49 million during the quarter, compared to analysts’ expectations of $539.86 million. MYR Group had a return on equity of 16.41% and a net margin of 2.96%. The business’s quarterly revenue was up 14.3% on a year-over-year basis. Equities analysts anticipate that MYR Group Inc. will post 3.89 EPS for the current fiscal year.
In other news, Director William A. Koertner sold 30,000 shares of the stock in a transaction that occurred on Monday, April 12th. The stock was sold at an average price of $74.04, for a total transaction of $2,221,200.00. Following the completion of the transaction, the director now directly owns 105,182 shares in the company, valued at approximately $7,787,675.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William A. Koertner sold 5,000 shares of the stock in a transaction that occurred on Friday, May 14th. The shares were sold at an average price of $81.02, for a total value of $405,100.00. Following the transaction, the director now owns 82,783 shares of the company’s stock, valued at $6,707,078.66. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,425 shares of company stock valued at $3,940,583. 3.40% of the stock is owned by company insiders.
About MYR Group
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates through two segments, Transmission and Distribution, and Commercial and Industrial. The company's 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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