MYR Group Inc (MYRG) Given Consensus Rating of “Buy” by Brokerages
Shares of MYR Group Inc (NASDAQ:MYRG) have received an average recommendation of “Buy” from the six analysts that are presently covering the stock. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $35.50.
Several equities analysts have recently issued reports on MYRG shares. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $47.00 price objective for the company in a research report on Tuesday, March 14th. FBR & Co boosted their price objective on MYR Group from $32.00 to $45.00 and gave the stock a “market perform” rating in a research report on Thursday, January 26th. Finally, Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a research report on Monday, May 15th.
Shares of MYR Group (NASDAQ:MYRG) traded down 0.95% during trading on Monday, hitting $28.07. The stock had a trading volume of 33,367 shares. MYR Group has a one year low of $21.84 and a one year high of $43.77. The firm’s 50-day moving average is $37.86 and its 200-day moving average is $37.94. The firm has a market cap of $462.43 million, a P/E ratio of 22.64 and a beta of 0.53.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.22. The business had revenue of $300.13 million for the quarter, compared to analyst estimates of $300.97 million. MYR Group had a return on equity of 6.91% and a net margin of 1.82%. Equities research analysts forecast that MYR Group will post $1.37 EPS for the current year.
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In related news, COO Tod M. Cooper sold 8,412 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $38.95, for a total transaction of $327,647.40. Following the sale, the chief operating officer now owns 31,590 shares of the company’s stock, valued at $1,230,430.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary Ronald Johnson sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $40.12, for a total value of $320,960.00. Following the sale, the director now directly owns 29,102 shares in the company, valued at approximately $1,167,572.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,265 shares of company stock valued at $1,450,867. Insiders own 10.40% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of MYR Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock valued at $35,937,000 after buying an additional 29,806 shares during the last quarter. Macquarie Group Ltd. boosted its stake in shares of MYR Group by 15.5% in the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock valued at $28,114,000 after buying an additional 91,962 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of MYR Group by 46.1% in the first quarter. JPMorgan Chase & Co. now owns 615,392 shares of the utilities provider’s stock valued at $25,231,000 after buying an additional 194,092 shares during the last quarter. Numeric Investors LLC boosted its stake in shares of MYR Group by 79.9% in the fourth quarter. Numeric Investors LLC now owns 444,927 shares of the utilities provider’s stock valued at $16,765,000 after buying an additional 197,547 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of MYR Group by 6.3% in the first quarter. State Street Corp now owns 415,984 shares of the utilities provider’s stock valued at $17,059,000 after buying an additional 24,657 shares during the last quarter. 92.99% of the stock is currently owned by hedge funds and other institutional investors.
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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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