MYR Group, Inc. (MYRG) Given Average Rating of “Hold” by Brokerages
MYR Group, Inc. (NASDAQ:MYRG) has been given an average rating of “Hold” by the eight analysts that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $31.50.
Several analysts have recently weighed in on MYRG shares. Robert W. Baird reiterated a “buy” rating and set a $34.00 target price on shares of MYR Group in a research report on Tuesday, September 5th. KeyCorp reiterated a “hold” rating on shares of MYR Group in a research report on Friday, September 8th. FBR & Co decreased their price objective on MYR Group from $37.00 to $28.00 and set a “market perform” rating for the company in a report on Friday, August 18th. Zacks Investment Research upgraded MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. Finally, Stifel Nicolaus restated a “hold” rating and issued a $29.00 price objective (down from $36.00) on shares of MYR Group in a report on Wednesday, September 6th.
Shares of MYR Group (NASDAQ MYRG) traded up 2.02% on Friday, reaching $27.31. 82,909 shares of the company’s stock traded hands. The firm has a market cap of $450.37 million, a P/E ratio of 27.12 and a beta of 0.34. MYR Group has a 12-month low of $23.00 and a 12-month high of $43.77. The stock has a 50-day moving average of $25.59 and a 200 day moving average of $32.44.
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 the 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 the consensus estimate of $310.57 million. During the same quarter last year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was up 36.0% compared to the same quarter last year. On average, equities research analysts expect that MYR Group will post $0.88 earnings per share for the current year.
MYR Group declared that its board has initiated a stock repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $20.00 million in outstanding shares. This repurchase authorization authorizes the utilities provider to buy up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
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In other MYR Group 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 value of $320,000.00. Following the transaction, the vice president now owns 48,295 shares in the company, valued at $1,545,440. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gerald B. Jr. Engen sold 1,210 shares of MYR Group stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $31.01, for a total value of $37,522.10. Following the completion of the transaction, the vice president now owns 68,185 shares in the company, valued at approximately $2,114,416.85. The disclosure for this sale can be found here. Insiders sold 20,000 shares of company stock worth $632,034 in the last quarter. 5.00% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Arizona State Retirement System grew its stake in shares of MYR Group by 1.2% during the first quarter. Arizona State Retirement System now owns 8,359 shares of the utilities provider’s stock worth $343,000 after acquiring an additional 100 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of MYR Group by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock worth $208,000 after acquiring an additional 200 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake 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 acquiring an additional 217 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of MYR Group by 3.7% during the first quarter. SG Americas Securities LLC now owns 6,587 shares of the utilities provider’s stock worth $270,000 after acquiring an additional 233 shares during the last quarter. Finally, Mason Street Advisors LLC grew its stake 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 acquiring an additional 246 shares during the last quarter. Institutional investors and hedge funds own 87.81% 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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