As of the 4th quarter of 2023, Aviva PLC has reduced its holdings in MYR Group Inc. (NASDAQ:MYRG) by 37.4%, according to a recent filing with the Securities and Exchange Commission (SEC). This institutional investor previously held 10,911 shares in the utilities provider’s stock but sold 6,529 shares during this period. The total value of their holdings now stands at approximately $994,000.
MYR Group is a holding company that specializes in providing electrical construction services with two primary operating segments. The first segment is Transmission and Distribution (T&D), which offers a range of services on electric transmission and distribution networks along with substation facilities. Meanwhile, the second segment comprises Commercial and Industrial (C&I) services.
Despite this shift in ownership from Aviva PLC, NASDAQ MYRG had an opening price of $127.50 on Thursday. The company boasts a current ratio of 1.36 and a quick ratio of 1.36 while maintaining a low debt-to-equity ratio of 0.04. As for its stock performance, MYR Group Inc.’s share value soared to an impressive high of $138.70 over the past twelve months with its lowest point recorded at $76.97 during the same period.
Moreover, as per the market capitalization figures of June 1st, 2023, MYR Group has now reached $2.13 billion dollars in terms of enterprise value while also boasting a P/E ratio worth observing at around 25.10 alongside a beta factor frequently reported hovering around or above one.
Overall, Aviva PLC’s decision to decrease its stake in MYR Group may raise eyebrows among investors who have been closely following the direction set by institutional investors as they try to make sense of current market trends and sudden changes such as these can potentially influence sentiment around share prices leading up to future earning reports. Nevertheless, MYR Group’s share value has remained steady despite Aviva’s actions, and to date, it retains an excellent market position in the utilities and electrical engineering sector.
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MYR Group Receives Positive Attention from Analysts and Institutional Investors
MYR Group, a holding company that provides electrical construction services, has received positive attention from research analysts and experienced an increase in holdings by institutional investors. Captrust Financial Advisors increased its holdings in MYR Group by 0.9% during the 2nd quarter which now values at $1,081,000 after purchasing an additional 104 shares in the last quarter. Additionally, SummerHaven Investment Management LLC raised its position in MYR Group by 1.3% in the 4th quarter which now owns 9,090 shares of the utilities provider’s stock valued at $837,000 after buying an additional 115 shares over the same time frame. MYR Group Inc. recently reported their quarterly results on April 26th where they posted a return on equity of 15.58% and net margin of 2.70%. The utilities provider predict posting a return of 5.81 EPS for the current year despite Director Maurice E. Moore selling over $1 million worth of shares recently whose transaction was disclosed through SEC filings available to read through this link; COO Jeffrey J.Waneka from MYR also sold $1.5 million worth of MYR stock over one month ago as disclosed here(click: https://www.zacks.com/stock/news/256632/myr-group-myrg-shares-rose-84-in-the-last-one-year-whats-driving-it?cid=CS-ZC-FT-256632). MYR Group’s positive earnings reports and investments from institutional investors demonstrate its strength as it continues to provide innovative electrical constructions services based off current client demands and overall industry trends while pushing for profitable yield growth both domestically and internationally – Analysts have given it a “buy” rating.
