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 the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Capital World Investors boosted its position in shares of MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after purchasing an additional 831,066 shares during the period. Swedbank AB purchased a new position in shares of MYR Group during the first quarter worth $51,452,000. Artisan Partners Limited Partnership acquired a new stake in shares of MYR Group in the fourth quarter valued at $15,659,000. F M Investments LLC purchased a new stake in shares of MYR Group in the 2nd quarter valued at $10,800,000. Finally, Assenagon Asset Management S.A. acquired a new position in MYR Group during the 2nd quarter worth about $5,163,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

Shares of MYR Group stock opened at $101.66 on Friday. The business has a 50-day simple moving average of $110.70 and a 200-day simple moving average of $139.93. The company has a market cap of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93. MYR Group Inc. has a one year low of $86.60 and a one year high of $181.02. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

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

Wall Street Analyst Weigh In

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

MYR Group 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.