MYR Group, Inc. (NASDAQ:MYRG) had its target price dropped by stock analysts at FBR & Co from $37.00 to $28.00 in a report released on Friday. The firm presently has a “market perform” rating on the utilities provider’s stock. FBR & Co’s price objective would suggest a potential upside of 20.48% from the company’s previous close.

MYRG has been the subject of several other reports. Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a research note on Friday, May 5th. Zacks Investment Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 9th. Canaccord Genuity cut their target price on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 4th. Finally, TheStreet lowered shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. MYR Group presently has a consensus rating of “Hold” and a consensus price target of $37.75.

Shares of MYR Group (NASDAQ:MYRG) traded up 0.22% on Friday, hitting $23.24. 145,744 shares of the stock were exchanged. The firm’s 50-day moving average is $29.28 and its 200-day moving average is $34.68. The company has a market cap of $383.25 million, a P/E ratio of 23.08 and a beta of 0.35. MYR Group has a one year low of $23.11 and a one year high of $43.77.

MYR Group (NASDAQ:MYRG) last issued its quarterly 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 return on equity of 6.28% and a net margin of 1.28%. The company had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. During the same period in the prior year, the company posted $0.31 earnings per share. The company’s revenue was up 36.0% on a year-over-year basis. On average, equities analysts forecast that MYR Group will post $0.88 EPS for the current fiscal year.

MYR Group announced that its board has approved a stock repurchase plan on Wednesday, August 2nd that allows the company to buyback $20.00 million in shares. This buyback authorization allows the utilities provider to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

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In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $32.00, for a total transaction of $320,000.00. Following the completion of the sale, the vice president now directly owns 48,295 shares of the company’s stock, valued at $1,545,440. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average cost of $29.78 per share, with a total value of $29,780.00. Following the completion of 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. Over the last three months, insiders have sold 33,482 shares of company stock valued at $1,036,842. Company insiders own 5.00% of the company’s stock.

Several large investors have recently modified their holdings of the stock. State of Alaska Department of Revenue increased 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 period. LS Investment Advisors LLC increased 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 during the period. Mason Street Advisors LLC increased 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 during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of MYR Group during the first quarter valued at approximately $156,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after buying an additional 217 shares during the period. Institutional investors and hedge funds own 91.11% 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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