The Emerald Acquisition Ltd. Takes Position in MYR Group Inc. (MYRG)

The Emerald Acquisition Ltd. Takes Position in MYR Group Inc. (MYRG)

Emerald Acquisition Ltd. bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the second quarter, Holdings Channel reports. The institutional investor bought 43,941 shares of the company’s stock, valued at approximately $1,058,000. Emerald Acquisition Ltd. owned 0.24% of MYR Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MYRG. KBC Group NV boosted its stake in MYR Group by 175.4% in the second quarter. KBC Group NV now owns 12,333 shares of the company’s stock valued at $297,000 after buying an additional 7,855 shares in the last quarter. Societe Generale bought a new stake in MYR Group during the second quarter valued at approximately $127,000. Strs Ohio bought a new stake in MYR Group during the second quarter valued at approximately $686,000. Palo Capital Inc. bought a new stake in MYR Group during the second quarter valued at approximately $386,000. Finally, Acadian Asset Management LLC bought a new stake in MYR Group during the second quarter valued at approximately $453,000. 90.39% of the stock is currently owned by institutional investors and hedge funds.

Shares of MYR Group Inc. (NASDAQ:MYRG) traded down 1.30% during mid-day trading on Friday, hitting $30.36. 84,496 shares of the stock were exchanged. The firm has a 50-day moving average price of $29.28 and a 200 day moving average price of $25.98. MYR Group Inc. has a 12-month low of $17.77 and a 12-month high of $30.80. The company has a market capitalization of $487.37 million, a PE ratio of 30.67 and a beta of 0.51.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The firm earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The business’s revenue was down 5.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.38 earnings per share. On average, equities research analysts expect that MYR Group Inc. will post $1.14 earnings per share for the current year.

A number of analysts have issued reports on MYRG shares. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “strong sell” rating in a research note on Thursday, June 23rd. Canaccord Genuity reiterated a “buy” rating and issued a $32.00 target price on shares of MYR Group in a research note on Sunday, August 7th. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $27.00 to $30.00 in a research note on Friday, August 12th. Finally, Maxim Group lifted their target price on shares of MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. MYR Group currently has a consensus rating of “Buy” and an average target price of $29.29.

In related news, Chairman William A. Koertner sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $28.58, for a total transaction of $857,400.00. Following the completion of the sale, the chairman now directly owns 304,337 shares of the company’s stock, valued at approximately $8,697,951.46. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tod M. Cooper sold 9,212 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the sale, the insider now directly owns 34,319 shares of the company’s stock, valued at $986,671.25. The disclosure for this sale can be found here. 10.40% of the stock is currently owned by corporate insiders.

MYR Group Company Profile

MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.

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