MYR Group Inc. (MYRG) Trading Up 2.6%
MYR Group Inc. (NASDAQ:MYRG)’s share price was up 2.6% during trading on Tuesday . The company traded as high as $29.05 and last traded at $29.02, with a volume of 71,758 shares traded. The stock had previously closed at $28.29.
A number of equities analysts have commented on MYRG shares. Robert W. Baird downgraded shares of MYR Group from an “outperform” rating to a “neutral” rating and lifted their price objective for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Maxim Group boosted their price target on shares of MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 5th. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “strong sell” rating in a report on Thursday, June 23rd. Finally, Canaccord Genuity reissued a “buy” rating and set a $32.00 price target on shares of MYR Group in a report on Sunday, August 7th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $28.43.
The firm’s 50 day moving average price is $28.23 and its 200 day moving average price is $25.50. The company has a market cap of $465.54 million, a price-to-earnings ratio of 29.29 and a beta of 0.67.
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MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The business had revenue of $261.90 million for the quarter, compared to analyst estimates of $279.96 million. During the same quarter last year, the firm earned $0.38 earnings per share. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities analysts predict that MYR Group Inc. will post $1.14 EPS for the current year.
In other news, insider Tod M. Cooper sold 9,212 shares of the company’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 transaction of $264,845.00. Following the completion of the transaction, the insider now directly owns 34,319 shares in the company, valued at $986,671.25. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 10.40% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of MYR Group by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,571,771 shares of the company’s stock worth $37,848,000 after buying an additional 91,135 shares during the period. Vanguard Group Inc. raised its position in shares of MYR Group by 1.1% in the second quarter. Vanguard Group Inc. now owns 895,049 shares of the company’s stock worth $21,553,000 after buying an additional 9,377 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of MYR Group by 27.4% in the second quarter. Macquarie Group Ltd. now owns 539,756 shares of the company’s stock worth $12,997,000 after buying an additional 115,981 shares during the last quarter. Loomis Sayles & Co. L P raised its position in shares of MYR Group by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 478,129 shares of the company’s stock worth $12,006,000 after buying an additional 5,374 shares during the last quarter. Finally, AJO LP raised its position in shares of MYR Group by 145.3% in the second quarter. AJO LP now owns 352,464 shares of the company’s stock worth $8,487,000 after buying an additional 208,753 shares during the last quarter. Institutional investors own 90.39% of the company’s stock.
About MYR Group
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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