MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of “Hold” by Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have earned an average rating of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat reports. Six analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $201.6667.

MYRG has been the topic of several recent research reports. Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 29th. Finally, Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of MYR Group

A number of institutional investors have recently modified their holdings of MYRG. Maseco LLP bought a new position in shares of MYR Group in the second quarter worth $28,000. MAI Capital Management grew its stake in MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in MYR Group during the second quarter worth about $34,000. Elevation Point Wealth Partners LLC bought a new position in MYR Group in the 2nd quarter valued at about $34,000. Finally, Salomon & Ludwin LLC acquired a new position in shares of MYR Group in the 3rd quarter valued at approximately $34,000. 88.90% of the stock is currently owned by institutional investors.

MYR Group Trading Up 0.2%

Shares of NASDAQ:MYRG opened at $235.84 on Thursday. MYR Group has a 12-month low of $97.72 and a 12-month high of $241.13. The business has a 50 day moving average of $223.71 and a 200-day moving average of $202.31. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.66 billion, a PE ratio of 38.10 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.65 earnings per share. As a group, equities research analysts forecast that MYR Group will post 1.16 earnings per share for the current year.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.