Zacks Investment Research upgraded shares of MYR Group Inc. (NASDAQ:MYRG) from a hold rating to a buy rating in a research report sent to investors on Thursday. They currently have $34.00 target price on the stock.
According to Zacks, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure. “
Several other brokerages have also issued reports on MYRG. Robert W. Baird lowered MYR Group from an outperform rating to a neutral rating and boosted their price target for the company from $27.00 to $30.00 in a research note on Friday, August 12th. Maxim Group boosted their price target on MYR Group from $28.00 to $30.00 and gave the company a buy rating in a research note on Friday, August 5th. Finally, Canaccord Genuity restated a buy rating and set a $32.00 price target on shares of MYR Group in a research note on Sunday, August 7th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. MYR Group presently has an average rating of Buy and a consensus price target of $29.29.
Shares of MYR Group (NASDAQ:MYRG) opened at 30.50 on Thursday. The firm’s 50-day moving average price is $29.32 and its 200 day moving average price is $26.03. MYR Group has a 52 week low of $17.77 and a 52 week high of $30.94. The company has a market cap of $489.62 million, a P/E ratio of 30.81 and a beta of 0.51.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The business earned $261.90 million during the quarter, compared to the consensus estimate of $279.96 million. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The company’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, equities analysts predict that MYR Group will post $1.14 EPS for the current fiscal year.
In other news, insider Tod M. Cooper sold 9,212 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the transaction, the insider now directly owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman William A. Koertner sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $28.58, for a total value of $857,400.00. Following the completion of the transaction, the chairman now directly owns 304,337 shares in the company, valued at $8,697,951.46. The disclosure for this sale can be found here. 10.40% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE increased its position in shares of MYR Group by 9.4% in the second quarter. US Bancorp DE now owns 4,279 shares of the company’s stock valued at $103,000 after buying an additional 368 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of MYR Group during the second quarter valued at approximately $127,000. Societe Generale acquired a new position in shares of MYR Group during the second quarter valued at approximately $127,000. BNP Paribas Arbitrage SA increased its position in shares of MYR Group by 107.9% in the second quarter. BNP Paribas Arbitrage SA now owns 5,598 shares of the company’s stock valued at $135,000 after buying an additional 2,906 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock valued at $193,000 after buying an additional 325 shares during the last quarter. 90.39% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Company Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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