Corbyn Investment Management Inc. MD Sells 8,319 Shares of MYR Group, Inc. $MYRG

Key Points

• Corbyn Investment Management cut its MYR Group stake by 12.0% in Q1, selling 8,319 shares and ending with 60,844 shares worth about $17.2 million.
• Insider selling picked up as directors Kenneth Michael Hartwick and Donald C.I. Lucky sold a combined 18,175 shares on June 3, reducing their ownership significantly.
• MYR Group reported strong quarterly results, with EPS of $2.99 beating estimates and revenue rising 20% year over year to $1 billion, while analysts currently rate the stock a Moderate Buy.

Corbyn Investment Management Inc. MD reduced its position in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 12.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,844 shares of the utilities provider's stock after selling 8,319 shares during the period. MYR Group comprises 5.7% of Corbyn Investment Management Inc. MD's investment portfolio, making the stock its 3rd biggest position. Corbyn Investment Management Inc. MD owned approximately 0.39% of MYR Group worth $17,177,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MYRG. Farther Finance Advisors LLC raised its stake in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares during the last quarter. Acumen Wealth Advisors LLC acquired a new position in MYR Group during the fourth quarter worth about $35,000. Signaturefd LLC raised its position in MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after purchasing an additional 160 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in shares of MYR Group in the fourth quarter valued at about $66,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other MYR Group news, Director Kenneth Michael Hartwick sold 3,500 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director owned 18,631 shares of the company's stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company's stock.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $433.01 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market cap of $6.74 billion, a price-to-earnings ratio of 47.74 and a beta of 1.31. The stock's 50-day moving average price is $442.30 and its two-hundred day moving average price is $326.40. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same period in the prior year, the firm posted $1.45 EPS. The company's revenue was up 20.0% on a year-over-year basis. On average, research analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MYRG shares. Cantor Fitzgerald upped their target price on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Oppenheimer reissued a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Robert W. Baird set a $373.00 price objective on MYR Group in a research note on Thursday, April 30th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $358.17.

MYR Group Company Profile

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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