MYR Group, Inc. (MYRG) Price Target Cut to $28.00
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.
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.
Receive News & Ratings for MYR Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.