MYR Group (MYRG) Downgraded by ValuEngine to “Sell”

MYR Group (NASDAQ:MYRG) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a report released on Friday.

Other equities research analysts also recently issued research reports about the stock. TheStreet upgraded shares of MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Robert W. Baird set a $41.00 price target on shares of MYR Group and gave the stock a “buy” rating in a report on Wednesday, January 3rd. BidaskClub cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. KeyCorp reissued a “hold” rating on shares of MYR Group in a report on Friday, November 24th. Finally, Zacks Investment Research raised shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. MYR Group presently has a consensus rating of “Hold” and an average target price of $34.83.

Shares of MYR Group (NASDAQ MYRG) traded down $0.85 on Friday, hitting $33.47. 103,064 shares of the stock traded hands, compared to its average volume of 76,152. MYR Group has a twelve month low of $23.00 and a twelve month high of $43.77. The firm has a market capitalization of $550.98, a P/E ratio of 35.99 and a beta of 0.41. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in MYR Group by 11.4% during the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after purchasing an additional 852 shares in the last quarter. Voya Investment Management LLC raised its holdings in MYR Group by 11.0% during the second quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock worth $295,000 after purchasing an additional 941 shares in the last quarter. TIAA CREF Investment Management LLC increased its holdings in MYR Group by 0.9% in the second quarter. TIAA CREF Investment Management LLC now owns 174,415 shares of the utilities provider’s stock valued at $5,410,000 after buying an additional 1,537 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in MYR Group by 14.0% in the second quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock valued at $413,000 after buying an additional 1,631 shares in the last quarter. Finally, US Bancorp DE increased its holdings in MYR Group by 9.8% in the fourth quarter. US Bancorp DE now owns 23,008 shares of the utilities provider’s stock valued at $822,000 after buying an additional 2,049 shares in the last quarter. 87.42% of the stock is owned by hedge funds and other institutional investors.

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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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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