MYR Group (NASDAQ:MYRG) was upgraded by investment analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, The Fly reports.
MYRG has been the subject of a number of other research reports. ValuEngine lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday. BidaskClub lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Thursday, May 9th. Zacks Investment Research raised shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Thursday, January 17th. Finally, Robert W. Baird set a $34.00 price objective on shares of MYR Group and gave the company a “hold” rating in a research report on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $38.25.
Shares of MYRG opened at $32.02 on Thursday. The stock has a market cap of $537.50 million, a PE ratio of 17.12 and a beta of 0.64. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.72 and a quick ratio of 1.72. MYR Group has a 52 week low of $26.24 and a 52 week high of $40.81.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.05. The business had revenue of $468.10 million during the quarter, compared to analyst estimates of $395.83 million. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The firm’s revenue for the quarter was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 earnings per share. Equities analysts predict that MYR Group will post 2.36 EPS for the current year.
In related news, Director William A. Koertner sold 2,606 shares of the company’s stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $35.04, for a total value of $91,314.24. Following the sale, the director now owns 303,544 shares of the company’s stock, valued at $10,636,181.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gary Ronald Johnson sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $36.00, for a total transaction of $72,000.00. Following the completion of the sale, the director now directly owns 21,424 shares in the company, valued at approximately $771,264. The disclosure for this sale can be found here. Insiders have sold 16,042 shares of company stock valued at $568,546 in the last ninety days. 4.50% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MYRG. Comerica Bank grew its stake in MYR Group by 2.3% during the first quarter. Comerica Bank now owns 16,359 shares of the utilities provider’s stock worth $594,000 after buying an additional 363 shares during the last quarter. Texas Permanent School Fund grew its stake in MYR Group by 3.8% during the first quarter. Texas Permanent School Fund now owns 11,247 shares of the utilities provider’s stock worth $389,000 after buying an additional 407 shares during the last quarter. Barclays PLC grew its stake in MYR Group by 2.5% during the fourth quarter. Barclays PLC now owns 19,273 shares of the utilities provider’s stock worth $543,000 after buying an additional 470 shares during the last quarter. Principal Financial Group Inc. grew its stake in MYR Group by 0.5% during the fourth quarter. Principal Financial Group Inc. now owns 134,482 shares of the utilities provider’s stock worth $3,788,000 after buying an additional 722 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of MYR Group by 0.4% during the first quarter. Northern Trust Corp now owns 229,817 shares of the utilities provider’s stock valued at $7,960,000 after purchasing an additional 852 shares during the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Company Profile
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry.
Featured Article: What is an overbought condition?
Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.