MYR Group (NASDAQ:MYRG) had its price target hoisted by analysts at Canaccord Genuity from $35.00 to $42.00 in a report released on Friday, March 9th. The brokerage currently has a “buy” rating on the utilities provider’s stock. Canaccord Genuity’s price target indicates a potential upside of 37.70% from the company’s current price.
Other research analysts have also issued reports about the stock. BidaskClub lowered shares of MYR Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Robert W. Baird reissued an “outperform” rating on shares of MYR Group in a research note on Thursday, March 8th. KeyCorp reissued a “hold” rating on shares of MYR Group in a research note on Friday, November 24th. B. Riley boosted their target price on shares of MYR Group from $28.00 to $35.00 and gave the company a “neutral” rating in a research note on Thursday, November 16th. Finally, TheStreet raised shares of MYR Group from a “c+” rating to a “b-” rating in a research note on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $36.00.
Shares of NASDAQ:MYRG traded down $0.32 during trading on Friday, reaching $30.50. 91,894 shares of the company’s stock traded hands, compared to its average volume of 93,390. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.28. MYR Group has a 12 month low of $23.00 and a 12 month high of $43.49. The company has a market cap of $507.53, a PE ratio of 37.47 and a beta of 0.46.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. The business had revenue of $373.50 million during the quarter, compared to the consensus estimate of $373.85 million. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.48 EPS. research analysts forecast that MYR Group will post 1.94 EPS for the current fiscal year.
In other news, Chairman William A. Koertner sold 20,978 shares of the company’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $35.18, for a total value of $738,006.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.90% of the company’s stock.
Several large investors have recently modified their holdings of the company. BlackRock Inc. lifted its stake in shares of MYR Group by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,163,292 shares of the utilities provider’s stock worth $77,295,000 after acquiring an additional 45,478 shares during the period. Macquarie Group Ltd. lifted its stake in shares of MYR Group by 8.7% in the 4th quarter. Macquarie Group Ltd. now owns 939,473 shares of the utilities provider’s stock worth $33,567,000 after acquiring an additional 74,981 shares during the period. Vanguard Group Inc. lifted its stake in shares of MYR Group by 3.9% in the 2nd quarter. Vanguard Group Inc. now owns 910,518 shares of the utilities provider’s stock worth $28,245,000 after acquiring an additional 33,997 shares during the period. Victory Capital Management Inc. lifted its stake in shares of MYR Group by 599.7% in the 4th quarter. Victory Capital Management Inc. now owns 840,577 shares of the utilities provider’s stock worth $30,034,000 after acquiring an additional 720,441 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of MYR Group by 2,066.2% in the 4th quarter. Alliancebernstein L.P. now owns 532,336 shares of the utilities provider’s stock worth $19,020,000 after acquiring an additional 507,761 shares during the period. 89.43% of the stock is owned by institutional investors.
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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 and the renewable energy industries.
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