MYR Group, Inc. (MYRG) Price Target Lowered to $35.00 at Canaccord Genuity
MYR Group, Inc. (NASDAQ:MYRG) had its price target reduced by equities research analysts at Canaccord Genuity from $47.00 to $35.00 in a research report issued on Friday. The brokerage presently has a “buy” rating on the utilities provider’s stock. Canaccord Genuity’s price target suggests a potential upside of 33.13% from the stock’s current price.
A number of other research analysts have also recently weighed in on the stock. Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price on the stock in a research note on Monday, May 15th. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 17th. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, FBR & Co reiterated an “outperform” rating and issued a $37.00 price target (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $40.00.
MYR Group (NASDAQ MYRG) traded up 1.04% during midday trading on Friday, hitting $26.29. The company’s stock had a trading volume of 102,744 shares. The company’s 50 day moving average price is $31.06 and its 200 day moving average price is $35.68. MYR Group has a 12 month low of $24.54 and a 12 month high of $43.77. The firm has a market cap of $433.57 million, a P/E ratio of 26.83 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm had revenue of $356.20 million for the quarter, compared to analysts’ expectations of $310.57 million. During the same quarter last year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 36.0% compared to the same quarter last year. Analysts expect that MYR Group will post $1.28 EPS for the current year.
MYR Group declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 2nd that permits the company to buyback $20.00 million in outstanding shares. This buyback authorization permits the utilities provider to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
In other MYR Group news, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the transaction, the vice president now directly owns 68,295 shares in the company, valued at approximately $2,048,850. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was bought at an average price of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the purchase, the director now directly owns 2,625 shares in the company, valued at $78,172.50. The disclosure for this purchase can be found here. Insiders have sold a total of 33,482 shares of company stock worth $1,036,842 over the last quarter. 5.00% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of the company. State of Alaska Department of Revenue boosted its stake in shares of MYR Group by 82.6% in the second quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after buying an additional 1,462 shares during the last quarter. LS Investment Advisors LLC boosted its stake in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after buying an additional 1,833 shares during the last quarter. Mason Street Advisors LLC boosted its stake in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock worth $154,000 after buying an additional 246 shares during the last quarter. Hillsdale Investment Management Inc. purchased a new stake in MYR Group during the first quarter worth approximately $156,000. Finally, BNP Paribas Arbitrage SA boosted its stake in MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after buying an additional 217 shares during the last quarter. Institutional investors and hedge funds own 89.05% 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). 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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