MYR Group, Inc. $MYRG Stock Sold by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management cut its MYR Group stake by 49.9% in the third quarter, selling 13,205 shares and retaining 13,275 shares valued at about $3.88 million.
• Institutional ownership remains high at 88.9%, while analyst views are broadly positive: MYR Group has a “Moderate Buy” consensus rating and a $397 average price target.
• MYR Group beat quarterly earnings and revenue estimates, reporting $3.82 earnings per share and $1.26 billion in revenue; revenue rose 32.5% year over year.

Kornitzer Capital Management Inc. KS reduced its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 49.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,275 shares of the utilities provider's stock after selling 13,205 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.09% of MYR Group worth $3,882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Abacus Wealth Partners LLC grew its holdings in MYR Group by 3.4% during the third quarter. Abacus Wealth Partners LLC now owns 2,020 shares of the utilities provider's stock valued at $591,000 after purchasing an additional 67 shares during the period. Alps Advisors Inc. raised its stake in shares of MYR Group by 104.1% in the third quarter. Alps Advisors Inc. now owns 8,148 shares of the utilities provider's stock worth $2,383,000 after buying an additional 4,155 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of MYR Group by 34.7% in the third quarter. Commonwealth Equity Services LLC now owns 2,075 shares of the utilities provider's stock worth $607,000 after buying an additional 534 shares during the period. Covestor Ltd raised its stake in shares of MYR Group by 29.5% in the third quarter. Covestor Ltd now owns 246 shares of the utilities provider's stock worth $72,000 after buying an additional 56 shares during the period. Finally, Richardson Financial Services Inc. lifted its position in shares of MYR Group by 169.7% during the 3rd quarter. Richardson Financial Services Inc. now owns 89 shares of the utilities provider's stock valued at $26,000 after buying an additional 56 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on MYRG. Stifel Nicolaus lowered their target price on shares of MYR Group from $445.00 to $393.00 and set a "buy" rating on the stock in a research note on Thursday, October 8th. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, November 3rd. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $361.00 price target for the company in a research report on Thursday. The Goldman Sachs Group restated a "neutral" rating and issued a $331.00 price target on shares of MYR Group in a research report on Thursday, October 22nd. Finally, Jefferies Financial Group raised shares of MYR Group from a "hold" rating to a "buy" rating and dropped their price objective for the stock from $377.00 to $370.00 in a research note on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $397.00.

MYR Group Price Performance

MYR Group stock opened at $262.91 on Monday. MYR Group, Inc. has a 1 year low of $199.30 and a 1 year high of $503.57. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a 50-day moving average of $285.67 and a two-hundred day moving average of $334.12. The stock has a market cap of $4.09 billion, a price-to-earnings ratio of 21.36 and a beta of 1.36.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating the consensus estimate of $2.97 by $0.85. The firm had revenue of $1.26 billion for the quarter, compared to analyst estimates of $1.16 billion. MYR Group had a return on equity of 26.32% and a net margin of 4.48%. The business's revenue for the quarter was up 32.5% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 earnings per share. On average, research analysts forecast that MYR Group, Inc. will post 13.46 earnings per share for the current year.

About MYR Group

MYR Group Inc is a specialty electrical construction company that provides services through subsidiaries across the United States and Canada. Its work includes the engineering, construction, and maintenance of electrical infrastructure for utilities and other customers.

The company operates through Transmission and Distribution and Commercial and Industrial segments. Transmission and Distribution projects include electric transmission and distribution lines, substations, and related infrastructure, as well as maintenance and emergency restoration work.

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