MYR Group Inc. (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $34.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 11.99% from the company’s current price.
According to Zacks, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure. “
A number of other analysts have also weighed in on MYRG. Robert W. Baird lowered shares of MYR Group from an “outperform” rating to a “neutral” rating and raised their target price for the company from $27.00 to $30.00 in a research report on Friday, August 12th. Maxim Group raised their target price on shares of MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, Canaccord Genuity restated a “buy” rating and issued a $32.00 target price on shares of MYR Group in a research report on Sunday, August 7th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. MYR Group presently has a consensus rating of “Buy” and an average price target of $29.29.
MYR Group (NASDAQ:MYRG) opened at 30.36 on Thursday. The firm has a market cap of $487.37 million, a price-to-earnings ratio of 30.67 and a beta of 0.51. MYR Group has a one year low of $17.77 and a one year high of $30.80. The stock has a 50 day moving average of $29.28 and a 200 day moving average of $25.98.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. The company earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. During the same quarter in the prior year, the business earned $0.38 EPS. The business’s quarterly revenue was down 5.3% on a year-over-year basis. Equities research analysts predict that MYR Group will post $1.14 EPS for the current fiscal year.
In related news, insider Tod M. Cooper sold 9,212 shares of MYR Group stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $28.75, for a total transaction of $264,845.00. Following the completion of the transaction, the insider now owns 34,319 shares of the company’s stock, valued at $986,671.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman William A. Koertner sold 10,000 shares of MYR Group stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the chairman now directly owns 304,337 shares of the company’s stock, valued at approximately $9,130,110. The disclosure for this sale can be found here. Insiders own 10.40% of the company’s stock.
A number of institutional investors have recently made changes to their positions in MYRG. GSA Capital Partners LLP increased its position in shares of MYR Group by 195.3% in the second quarter. GSA Capital Partners LLP now owns 62,592 shares of the company’s stock worth $1,507,000 after buying an additional 41,395 shares in the last quarter. California Public Employees Retirement System increased its position in shares of MYR Group by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,900 shares of the company’s stock worth $1,250,000 after buying an additional 2,100 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of MYR Group during the second quarter worth $127,000. Emerald Acquisition Ltd. purchased a new position in shares of MYR Group during the second quarter worth $1,058,000. Finally, KBC Group NV increased its position in shares of MYR Group by 175.4% in the second quarter. KBC Group NV now owns 12,333 shares of the company’s stock worth $297,000 after buying an additional 7,855 shares in the last quarter. 90.39% of the stock is owned by institutional investors and hedge funds.
MYR Group Company Profile
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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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