MYR Group Inc. (MYRG) Receives Average Recommendation of “Buy” from Analysts
Shares of MYR Group Inc. (NASDAQ:MYRG) have been assigned a consensus recommendation of “Buy” from the nine analysts that are presently covering the company. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $29.67.
A number of research analysts have recently issued reports on the stock. Maxim Group lifted their price objective on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. 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 research report on Friday, August 12th. Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 price objective on shares of MYR Group in a research report on Sunday, August 7th. Finally, Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Thursday, October 6th.
MYR Group (NASDAQ:MYRG) traded up 0.923% during trading on Wednesday, hitting $30.085. 62,830 shares of the company’s stock traded hands. The company’s 50 day moving average is $29.41 and its 200-day moving average is $26.23. The stock has a market cap of $482.95 million, a P/E ratio of 30.389 and a beta of 0.51. MYR Group has a 12 month low of $17.77 and a 12 month high of $30.94.
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MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data 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 firm earned $261.90 million during the quarter, compared to analysts’ expectations of $279.96 million. During the same period in the previous year, the firm earned $0.38 EPS. The firm’s quarterly revenue was down 5.3% on a year-over-year basis. On average, analysts predict that MYR Group will post $1.14 earnings per share for the current year.
In other news, insider Tod M. Cooper sold 9,212 shares of the company’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $28.75, for a total value of $264,845.00. Following the sale, the insider now directly owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman William A. Koertner sold 30,000 shares of the company’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $28.58, for a total transaction of $857,400.00. Following the completion of the sale, 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 currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE increased its stake in 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 period. SG Americas Securities LLC acquired a new stake in MYR Group during the second quarter valued at approximately $127,000. Societe Generale acquired a new stake in MYR Group during the second quarter valued at approximately $127,000. BNP Paribas Arbitrage SA increased its stake in 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 period. Finally, Royal Bank of Canada increased its stake in 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 period. 90.18% 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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