MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Rating of “Buy” from Brokerages
Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given a consensus recommendation of “Buy” by the seven ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $35.50.
Several equities research analysts have recently weighed in on MYRG shares. FBR & Co reiterated an “outperform” rating and set a $37.00 price target (down from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Robert W. Baird upgraded MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target on the stock in a research report on Friday, May 5th. TheStreet cut MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Finally, Zacks Investment Research upgraded MYR Group from a “hold” rating to a “buy” rating and set a $47.00 price target on the stock in a research report on Tuesday, March 14th.
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In other MYR Group news, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the sale, the vice president now owns 68,295 shares of the company’s stock, valued at $2,048,850. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was purchased at an average cost of $29.78 per share, with a total value of $29,780.00. Following the purchase, the director now owns 2,625 shares of the company’s stock, valued at $78,172.50. The disclosure for this purchase can be found here. 5.00% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. LS Investment Advisors LLC raised its stake in shares of MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 shares in the last quarter. Mason Street Advisors LLC raised its stake in shares of MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after buying an additional 246 shares in the last quarter. Hillsdale Investment Management Inc. purchased a new stake in shares of MYR Group during the first quarter valued at about $156,000. Capital Fund Management S.A. purchased a new stake in shares of MYR Group during the first quarter valued at about $238,000. Finally, SG Americas Securities LLC raised its stake in shares of MYR Group by 3.7% in the first quarter. SG Americas Securities LLC now owns 6,587 shares of the utilities provider’s stock valued at $270,000 after buying an additional 233 shares in the last quarter. 88.74% of the stock is owned by institutional investors and hedge funds.
Shares of MYR Group (NASDAQ MYRG) traded down 1.25% during midday trading on Tuesday, reaching $30.10. 96,488 shares of the company’s stock were exchanged. MYR Group has a 12 month low of $21.84 and a 12 month high of $43.77. The firm has a 50 day moving average price of $30.07 and a 200 day moving average price of $36.81. The company has a market cap of $495.87 million, a P/E ratio of 24.27 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by $0.22. MYR Group had a net margin of 1.74% and a return on equity of 8.08%. The company had revenue of $300.13 million for the quarter, compared to the consensus estimate of $300.97 million. Equities research analysts forecast that MYR Group will post $1.37 earnings per share for the current fiscal year.
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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