Cubist Systematic Strategies LLC Takes $264,000 Position in MYR Group, Inc. (MYRG)

Cubist Systematic Strategies LLC purchased a new position in shares of MYR Group, Inc. (NASDAQ:MYRG) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,521 shares of the utilities provider’s stock, valued at approximately $264,000. Cubist Systematic Strategies LLC owned approximately 0.05% of MYR Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Macquarie Group Ltd. raised its holdings in MYR Group by 10.4% during the second quarter. Macquarie Group Ltd. now owns 757,075 shares of the utilities provider’s stock worth $23,484,000 after purchasing an additional 71,376 shares in the last quarter. Royal Bank of Canada raised its holdings in MYR Group by 11.4% during the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after purchasing an additional 852 shares in the last quarter. Third Avenue Management LLC raised its holdings in MYR Group by 45.3% during the second quarter. Third Avenue Management LLC now owns 93,400 shares of the utilities provider’s stock worth $2,898,000 after purchasing an additional 29,100 shares in the last quarter. Voya Investment Management LLC raised its holdings in MYR Group by 11.0% during the second quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock worth $295,000 after purchasing an additional 941 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its holdings in MYR Group by 17.4% during the second quarter. Parametric Portfolio Associates LLC now owns 60,438 shares of the utilities provider’s stock worth $1,875,000 after purchasing an additional 8,942 shares in the last quarter. 86.53% of the stock is owned by hedge funds and other institutional investors.

MYRG has been the subject of several analyst reports. Robert W. Baird reissued a “buy” rating and set a $34.00 price target on shares of MYR Group in a report on Tuesday, September 5th. KeyCorp reissued a “hold” rating on shares of MYR Group in a report on Friday, September 8th. FBR & Co cut their price target on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, August 18th. Zacks Investment Research raised shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, Stifel Nicolaus reissued a “hold” rating and set a $29.00 price target (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $31.50.

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MYR Group, Inc. (NASDAQ:MYRG) opened at 31.23 on Tuesday. The firm’s 50-day moving average is $29.15 and its 200 day moving average is $30.26. The firm has a market capitalization of $515.01 million, a price-to-earnings ratio of 31.01 and a beta of 0.37. MYR Group, Inc. has a 12 month low of $23.00 and a 12 month high of $43.77.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.27). MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The company had revenue of $356.20 million for the quarter, compared to the consensus estimate of $310.57 million. During the same quarter last year, the firm posted $0.31 earnings per share. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. Equities analysts predict that MYR Group, Inc. will post $0.88 earnings per share for the current year.

MYR Group announced that its board has approved a share repurchase program on Wednesday, August 2nd that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 3.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

MYR Group 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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.

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

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