MYR Group Inc (NASDAQ:MYRG) Stake Boosted by Phocas Financial Corp.

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Phocas Financial Corp. increased its holdings in MYR Group Inc (NASDAQ:MYRG) by 24.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 203,451 shares of the utilities provider’s stock after buying an additional 39,670 shares during the period. Phocas Financial Corp. owned about 1.22% of MYR Group worth $6,365,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MYRG. Strs Ohio boosted its position in shares of MYR Group by 3.9% in the 2nd quarter. Strs Ohio now owns 18,800 shares of the utilities provider’s stock worth $702,000 after buying an additional 700 shares in the last quarter. Rothschild & Co. Asset Management US Inc. purchased a new stake in shares of MYR Group in the 2nd quarter worth about $3,231,000. Bowling Portfolio Management LLC purchased a new stake in shares of MYR Group in the 2nd quarter worth about $203,000. Optimum Investment Advisors purchased a new stake in shares of MYR Group in the 2nd quarter worth about $37,000. Finally, First Trust Advisors LP boosted its position in shares of MYR Group by 46.5% in the 2nd quarter. First Trust Advisors LP now owns 83,406 shares of the utilities provider’s stock worth $3,115,000 after buying an additional 26,467 shares in the last quarter. Institutional investors and hedge funds own 90.80% of the company’s stock.

A number of research firms have issued reports on MYRG. Zacks Investment Research upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Wednesday. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and upped their target price for the company from $35.00 to $36.00 in a report on Wednesday, September 11th. BidaskClub upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. Finally, ValuEngine lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $37.50.

In other news, Director William A. Koertner sold 4,241 shares of the company’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $35.07, for a total transaction of $148,731.87. Following the completion of the transaction, the director now owns 309,834 shares of the company’s stock, valued at approximately $10,865,878.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director William A. Koertner sold 1,353 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $35.02, for a total transaction of $47,382.06. Following the transaction, the director now directly owns 305,056 shares of the company’s stock, valued at approximately $10,683,061.12. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,980 shares of company stock valued at $209,388. Corporate insiders own 4.50% of the company’s stock.

NASDAQ:MYRG traded up $0.34 on Wednesday, reaching $33.83. The stock had a trading volume of 67,800 shares, compared to its average volume of 66,116. The company has a market cap of $572.02 million, a price-to-earnings ratio of 18.09 and a beta of 0.92. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.62 and a quick ratio of 1.62. The firm’s fifty day moving average is $33.52 and its two-hundred day moving average is $32.87. MYR Group Inc has a 12-month low of $26.24 and a 12-month high of $38.14.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.62 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.04. MYR Group had a net margin of 1.83% and a return on equity of 10.57%. The company had revenue of $583.21 million during the quarter, compared to the consensus estimate of $503.87 million. During the same quarter in the prior year, the company posted $0.48 EPS. The company’s quarterly revenue was up 46.0% compared to the same quarter last year. As a group, research analysts forecast that MYR Group Inc will post 2.08 earnings per share for the current fiscal year.

MYR Group Company 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.

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Institutional Ownership by Quarter for MYR Group (NASDAQ:MYRG)

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