Corbyn Investment Management Inc. MD Sells 5,183 Shares of MYR Group, Inc. $MYRG

Key Points

• Corbyn Investment Management trimmed its stake in MYR Group by 7.0, selling 5,183 shares and now holds 69,163 shares (about $15.11M), representing ~0.45% of MYR and 4.4% of Corbyn’s portfolio as its fifth-largest holding.
• MYR reported stronger-than-expected quarterly results, with EPS of $2.33 vs. $1.73 consensus and revenue of $973.54M (up 17.3% year-over-year), and several analysts have raised ratings—MarketBeat shows an average rating of "Moderate Buy" and an average price target of $235.43.
• Institutional ownership is high (88.90%), with other funds increasing positions (e.g., RBC +20.8%, AQR +124.5%, Goldman Sachs +0.7%), and the stock trades with a market cap of $4.18B, a PE of 35.73, and a 1-year range of $97.72–$290.87.

Corbyn Investment Management Inc. MD decreased its position in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 7.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,163 shares of the utilities provider's stock after selling 5,183 shares during the quarter. MYR Group comprises approximately 4.4% of Corbyn Investment Management Inc. MD's investment portfolio, making the stock its 5th biggest holding. Corbyn Investment Management Inc. MD owned about 0.45% of MYR Group worth $15,112,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of MYRG. Royal Bank of Canada boosted its position in shares of MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider's stock worth $1,447,000 after purchasing an additional 2,205 shares in the last quarter. AQR Capital Management LLC increased its position in shares of MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider's stock valued at $1,232,000 after buying an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock worth $22,998,000 after buying an additional 1,437 shares during the period. Creative Planning raised its stake in MYR Group by 4.2% during the 2nd quarter. Creative Planning now owns 9,033 shares of the utilities provider's stock worth $1,639,000 after buying an additional 367 shares during the period. Finally, Cetera Investment Advisers bought a new position in MYR Group during the second quarter worth about $221,000. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Price Performance

MYRG stock opened at $269.06 on Friday. The stock has a 50-day moving average price of $264.92 and a two-hundred day moving average price of $231.28. The stock has a market cap of $4.18 billion, a PE ratio of 35.73 and a beta of 1.15. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. MYR Group, Inc. has a 1 year low of $97.72 and a 1 year high of $290.87.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts' consensus estimates of $1.73 by $0.60. The company had revenue of $973.54 million for the quarter, compared to analyst estimates of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The company's quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.99 earnings per share. Equities analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MYRG shares. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a report on Sunday, December 21st. Clear Str upgraded MYR Group to a "strong-buy" rating in a report on Monday, December 15th. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald increased their target price on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research note on Monday, March 2nd. Finally, Weiss Ratings upgraded shares of MYR Group from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, MYR Group has an average rating of "Moderate Buy" and an average price target of $235.43.

About MYR Group

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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