MYR Group’s (MYRG) Hold Rating Reaffirmed at KeyCorp
MYR Group, Inc. (NASDAQ:MYRG)‘s stock had its “hold” rating restated by stock analysts at KeyCorp in a report released on Friday.
MYRG has been the topic of a number of other research reports. 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 note on Monday, May 15th. FBR & Co dropped their price target on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research note on Friday, August 18th. Stifel Nicolaus restated a “hold” rating and set a $36.00 price target on shares of MYR Group in a research note on Tuesday, August 29th. Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 17th. Finally, TheStreet lowered 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, four have assigned a hold rating and two have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $34.60.
MYR Group (NASDAQ:MYRG) traded up 7.03% during trading on Friday, reaching $26.02. 167,875 shares of the company’s stock traded hands. The firm has a market cap of $429.10 million, a price-to-earnings ratio of 25.84 and a beta of 0.34. The company has a 50 day moving average of $26.73 and a 200 day moving average of $33.20. MYR Group has a one year low of $23.00 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 the Zacks’ consensus estimate of $0.34 by $0.27. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The business had revenue of $356.20 million for the quarter, compared to analysts’ expectations of $310.57 million. During the same quarter in the previous year, the firm posted $0.31 EPS. MYR Group’s revenue was up 36.0% on a year-over-year basis. Equities research analysts predict that MYR Group will post $0.88 EPS for the current year.
MYR Group announced that its board has approved a share buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in shares. This buyback authorization permits the utilities provider to buy up to 3.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
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In related news, VP Gerald B. Jr. Engen sold 10,000 shares of MYR Group stock in a transaction dated Friday, July 28th. The stock was 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 owns 48,295 shares of the company’s stock, valued at $1,545,440. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Gerald B. Jr. Engen sold 8,790 shares of MYR Group stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total value of $274,511.70. Following the sale, the vice president now directly owns 58,295 shares of the company’s stock, valued at approximately $1,820,552.85. The disclosure for this sale can be found here. Insiders have sold 20,000 shares of company stock valued at $632,034 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MYRG. State of Alaska Department of Revenue lifted its holdings in shares of MYR Group by 82.6% during the second quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock worth $100,000 after purchasing an additional 1,462 shares during the period. LS Investment Advisors LLC lifted its holdings in shares of MYR Group by 266.8% during the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after purchasing an additional 1,833 shares during the period. Mason Street Advisors LLC lifted its holdings in shares of MYR Group by 7.0% during the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock worth $154,000 after purchasing an additional 246 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in shares of MYR Group during the first quarter worth about $156,000. Finally, BNP Paribas Arbitrage SA lifted its holdings in shares of MYR Group by 4.2% during the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares during the period. 87.81% of the stock is 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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