Dean Capital Management Lowers stake in MYR Group Inc (MYRG)

MYR Group Inc (MYRG) : Dean Capital Management reduced its stake in MYR Group Inc by 10.2% during the most recent quarter end. The investment management company now holds a total of 73,368 shares of MYR Group Inc which is valued at $1.7 Million after selling 8,337 shares in MYR Group Inc , the firm said in a disclosure report filed with the SEC on May 12, 2016.MYR Group Inc makes up approximately 2.46% of Dean Capital Management’s portfolio.

Other Hedge Funds, Including , Oppenheimerfunds reduced its stake in MYRG by selling 8,325 shares or 30.99% in the most recent quarter. The Hedge Fund company now holds 18,539 shares of MYRG which is valued at $434,554.Gsa Capital Partners Llp reduced its stake in MYRG by selling 18,803 shares or 47.01% in the most recent quarter. The Hedge Fund company now holds 21,197 shares of MYRG which is valued at $496,858. MYR Group Inc makes up approx 0.03% of Gsa Capital Partners Llp’s portfolio.Blackrock Advisors reduced its stake in MYRG by selling 125,343 shares or 92.66% in the most recent quarter. The Hedge Fund company now holds 9,922 shares of MYRG which is valued at $232,572.Blackrock Institutional Trust Company N.a. reduced its stake in MYRG by selling 6,048 shares or 1.07% in the most recent quarter. The Hedge Fund company now holds 559,028 shares of MYRG which is valued at $13.1 Million. Alambic Investment Management added MYRG to its portfolio by purchasing 13,700 company shares during the most recent quarter which is valued at $328,937. MYR Group Inc makes up approx 0.11% of Alambic Investment Management’s portfolio.

MYR Group Inc opened for trading at $22.98 and hit $23.91 on the upside on Friday, eventually ending the session at $23.38, with a gain of 2.41% or 0.55 points. The heightened volatility saw the trading volume jump to 2,91,522 shares. Company has a market cap of $426,147 M.

On the company’s financial health, MYR Group Inc reported $0.10 EPS for the quarter, missing the analyst consensus estimate by $ -0.18 based on the information available during the earnings call on May 4, 2016. Analyst had a consensus of $0.28. The company had revenue of $253.63 million for the quarter, compared to analysts expectations of $261.94 million. The company’s revenue was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Many Wall Street Analysts have commented on MYR Group Inc. Shares were Reiterated by Maxim Group on May 9, 2016 to “Buy” and Lowered the Price Target to $ 28 from a previous price target of $30 .Canaccord Genuity Initiated MYR Group Inc on Apr 12, 2016 to “Buy”, Price Target of the shares are set at $27.Company shares were Reiterated by FBR Capital on Mar 8, 2016 to “Mkt Perform”, Firm has raised the Price Target to $ 27 from a previous price target of $25 .

MYR Group Inc. is a holding company which provides specialty electrical construction services through its subsidiaries. The Company performs construction services in two business segments: Transmission and Distribution (T&D) and Commercial and Industrial (C&I). T&D segment provides solutions to customers in the electric utility industry and the renewable energy industry. The Company also provides C&I electrical contracting services to property owners and general contractors in the western United States. The Company’s wholly owned subsidiaries include The L. E. Myers Co. Harlan Electric Company Hawkeye Construction Inc. Great Southwestern Construction Inc. Sturgeon Electric Company Inc. MYR Transmission Services Inc. MYR Group Construction Canada Ltd. MYR Transmission Services Canada Ltd. and Northern Transmission Services Ltd. The Company also provides electrical construction services and limited gas construction services.

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