Corbyn Investment Management Inc. MD Trims Stock Position in MYR Group Inc. (NASDAQ:MYRG)

Corbyn Investment Management Inc. MD decreased its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 0.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,698 shares of the utilities provider’s stock after selling 398 shares during the period. MYR Group makes up approximately 6.0% of Corbyn Investment Management Inc. MD’s holdings, making the stock its 3rd largest holding. Corbyn Investment Management Inc. MD owned approximately 0.52% of MYR Group worth $12,684,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its holdings in shares of MYR Group by 5.3% during the third quarter. American Century Companies Inc. now owns 228,947 shares of the utilities provider’s stock worth $30,853,000 after purchasing an additional 11,594 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of MYR Group by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 216,423 shares of the utilities provider’s stock worth $29,165,000 after buying an additional 2,143 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in MYR Group by 9.0% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 163,191 shares of the utilities provider’s stock worth $21,992,000 after buying an additional 13,439 shares in the last quarter. Neumeier Poma Investment Counsel LLC grew its position in MYR Group by 8.0% in the 3rd quarter. Neumeier Poma Investment Counsel LLC now owns 157,077 shares of the utilities provider’s stock worth $21,168,000 after purchasing an additional 11,670 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in shares of MYR Group by 85.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock valued at $15,927,000 after purchasing an additional 50,848 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Up 0.9 %

Shares of NASDAQ:MYRG traded up $1.44 on Friday, reaching $167.50. The company had a trading volume of 52,729 shares, compared to its average volume of 131,859. MYR Group Inc. has a 52-week low of $110.87 and a 52-week high of $181.02. The firm’s 50 day simple moving average is $164.88 and its 200-day simple moving average is $145.25. The firm has a market capitalization of $2.80 billion, a PE ratio of 30.64 and a beta of 1.08. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.02. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $904.76 million. During the same quarter last year, the firm earned $1.46 EPS. The business’s quarterly revenue was up 16.2% on a year-over-year basis. As a group, analysts expect that MYR Group Inc. will post 6.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have commented on the company. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. Stifel Nicolaus lowered their price objective on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research report on Tuesday, April 16th. Finally, KeyCorp started coverage on MYR Group in a research report on Wednesday, January 10th. They set a “sector weight” rating for the company. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, MYR Group currently has an average rating of “Hold” and an average price target of $170.75.

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; 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.