MYR Group (NASDAQ:MYRG) Downgraded to Buy Rating by Wall Street Zen

Wall Street Zen lowered shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a report released on Saturday.

Other equities research analysts have also recently issued reports about the stock. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. The Goldman Sachs Group dropped their price objective on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Finally, Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $451.20.

MYR Group Price Performance

Shares of MYRG opened at $294.42 on Friday. The company has a market cap of $4.58 billion, a price-to-earnings ratio of 27.93 and a beta of 1.34. MYR Group has a 1-year low of $171.51 and a 1-year high of $503.57. The company’s fifty day simple moving average is $380.81 and its 200 day simple moving average is $359.67. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. During the same quarter last year, the company posted $1.70 earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. On average, research analysts forecast that MYR Group will post 12.43 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group 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 sale, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently made changes to their positions in the company. First Trust Advisors LP increased its position in MYR Group by 23.5% during the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock worth $57,518,000 after buying an additional 38,726 shares during the period. Geode Capital Management LLC lifted its holdings in shares of MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after buying an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd bought a new stake in shares of MYR Group in the fourth quarter valued at about $3,525,000. BlackRock Inc. bought a new stake in shares of MYR Group in the second quarter valued at about $1,232,294,000. Finally, Abacus FCF Advisors LLC acquired a new position in shares of MYR Group in the second quarter valued at about $11,772,000. Institutional investors own 88.90% of the company’s stock.

About MYR Group

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.