MYR Group Inc (NASDAQ:MYRG) has been given an average rating of “Hold” by the eight ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $36.33.
MYRG has been the subject of a number of recent analyst reports. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $35.00 to $36.00 in a report on Wednesday, September 11th. ValuEngine raised MYR Group from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Zacks Investment Research lowered MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 16th. B. Riley reduced their target price on MYR Group from $39.00 to $34.00 and set a “neutral” rating for the company in a report on Friday, August 2nd. Finally, BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, September 12th.
In other MYR Group news, Director William A. Koertner sold 4,241 shares of MYR Group stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $35.07, for a total transaction of $148,731.87. Following the completion of the transaction, the director now owns 309,834 shares of the company’s stock, valued at approximately $10,865,878.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.50% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of MYRG. BlackRock Inc. grew its holdings in shares of MYR Group by 6.7% during the second quarter. BlackRock Inc. now owns 2,681,268 shares of the utilities provider’s stock worth $100,145,000 after purchasing an additional 167,329 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of MYR Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 1,040,013 shares of the utilities provider’s stock worth $38,844,000 after purchasing an additional 7,359 shares in the last quarter. Investment Counselors of Maryland LLC grew its holdings in shares of MYR Group by 0.9% during the second quarter. Investment Counselors of Maryland LLC now owns 700,709 shares of the utilities provider’s stock worth $26,171,000 after purchasing an additional 6,130 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of MYR Group by 84.4% during the second quarter. Wells Fargo & Company MN now owns 287,183 shares of the utilities provider’s stock worth $10,726,000 after purchasing an additional 131,451 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of MYR Group by 38.1% during the second quarter. Invesco Ltd. now owns 286,474 shares of the utilities provider’s stock worth $10,700,000 after purchasing an additional 79,032 shares in the last quarter. 90.63% of the stock is owned by institutional investors and hedge funds.
MYR Group stock traded down $0.31 during midday trading on Friday, reaching $33.56. The stock had a trading volume of 76,900 shares, compared to its average volume of 66,146. MYR Group has a 12 month low of $26.24 and a 12 month high of $38.14. The firm’s 50-day moving average price is $32.13 and its 200 day moving average price is $32.99. The firm has a market capitalization of $580.34 million, a PE ratio of 17.91 and a beta of 0.92. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.54.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.04. The business had revenue of $583.21 million during the quarter, compared to analyst estimates of $503.87 million. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. The company’s quarterly revenue was up 46.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 EPS. Equities research analysts expect that MYR Group will post 2.05 EPS for the current year.
About MYR Group
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.
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