MYR Group Inc. (MYRG) Upgraded at Zacks Investment Research
MYR Group Inc. (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $34.00 target price on the stock. Zacks Investment Research’s price target would indicate a potential upside of 11.99% from the company’s current price.
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. “
A number of other brokerages also recently issued reports on MYRG. Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and raised their target price for the stock from $27.00 to $30.00 in a research note on Friday, August 12th. Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 target price on shares of MYR Group in a research note on Sunday, August 7th. Finally, Maxim Group raised their price objective on MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. MYR Group currently has a consensus rating of “Buy” and a consensus target price of $29.29.
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Shares of MYR Group (NASDAQ:MYRG) opened at 30.36 on Thursday. The stock has a market capitalization of $487.37 million, a price-to-earnings ratio of 30.67 and a beta of 0.51. The company has a 50-day moving average of $29.28 and a 200-day moving average of $25.98. MYR Group has a 1-year low of $17.77 and a 1-year high of $30.80.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share (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 company earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. During the same period last year, the business earned $0.38 earnings per share. The firm’s revenue was down 5.3% compared to the same quarter last year. On average, equities research analysts expect that MYR Group will post $1.14 EPS for the current fiscal year.
In other news, Chairman William A. Koertner sold 10,000 shares of MYR Group stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the transaction, the chairman now owns 304,337 shares in the company, valued at approximately $9,130,110. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman William A. Koertner sold 30,000 shares of MYR Group stock in a transaction dated Tuesday, September 20th. The shares were 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 owns 304,337 shares of the company’s stock, valued at approximately $8,697,951.46. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.
Several institutional investors have recently made changes to their positions in MYRG. Royal Bank of Canada boosted 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. US Bancorp DE boosted 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. Alambic Investment Management L.P. boosted its position in shares of MYR Group by 5.1% in the second quarter. Alambic Investment Management L.P. now owns 14,400 shares of the company’s stock valued at $347,000 after buying an additional 700 shares during the last quarter. BlackRock Group LTD boosted its position in shares of MYR Group by 6.4% in the second quarter. BlackRock Group LTD now owns 23,170 shares of the company’s stock valued at $558,000 after buying an additional 1,384 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its position in shares of MYR Group by 1.9% in the second quarter. Guggenheim Capital LLC now owns 96,016 shares of the company’s stock valued at $2,312,000 after buying an additional 1,822 shares during the last quarter. Institutional investors and hedge funds own 90.39% of the company’s stock.
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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