MYR Group Inc. (NASDAQ:MYRG) Shares Sold by Corbyn Investment Management Inc. MD

Corbyn Investment Management Inc. MD trimmed its stake in MYR Group Inc. (NASDAQ:MYRG) by 0.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 87,698 shares of the utilities provider’s stock after selling 398 shares during the quarter. MYR Group accounts for about 6.0% of Corbyn Investment Management Inc. MD’s holdings, making the stock its 3rd largest position. Corbyn Investment Management Inc. MD’s holdings in MYR Group were worth $12,684,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Daiwa Securities Group Inc. acquired a new position in MYR Group during the 4th quarter worth about $29,000. IFP Advisors Inc bought a new stake in shares of MYR Group in the 3rd quarter valued at $54,000. GAMMA Investing LLC acquired a new position in shares of MYR Group in the 4th quarter valued at approximately $62,000. Planned Solutions Inc. bought a new stake in shares of MYR Group during the fourth quarter worth $130,000. Finally, Quantbot Technologies LP raised its stake in shares of MYR Group by 446.3% in the 3rd quarter. Quantbot Technologies LP now owns 1,475 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 1,205 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Stock Performance

Shares of MYRG stock traded up $1.44 on Friday, reaching $167.50. The stock had a trading volume of 52,729 shares, compared to its average volume of 131,859. MYR Group Inc. has a 12 month low of $110.87 and a 12 month high of $181.02. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of 30.64 and a beta of 1.08. The firm’s 50-day moving average is $164.88 and its two-hundred day moving average is $145.25. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05.

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MYRG. Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Stifel Nicolaus cut their target price on MYR Group from $185.00 to $184.00 and set a “buy” rating on the stock in a research note on Tuesday, April 16th. Finally, KeyCorp initiated coverage on shares of MYR Group in a research note on Wednesday, January 10th. They set a “sector weight” rating for the company. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company 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.