Shares of MYR Group Inc (NASDAQ:MYRG) have been given an average rating of “Hold” by the ten research firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $34.60.
MYRG has been the subject of several recent analyst reports. Robert W. Baird set a $40.00 price objective on shares of MYR Group and gave the company a “buy” rating in a report on Wednesday, March 7th. Canaccord Genuity increased their target price on shares of MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, March 9th. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Wednesday, May 9th. ValuEngine raised shares of MYR Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. Finally, BidaskClub raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 12th.
Shares of MYR Group stock traded up $0.06 on Tuesday, hitting $36.22. The company had a trading volume of 3,301 shares, compared to its average volume of 88,047. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $597.44 million, a PE ratio of 44.85 and a beta of 0.59. MYR Group has a 52 week low of $23.00 and a 52 week high of $40.81.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, May 2nd. The utilities provider reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.17. The business had revenue of $345.60 million during the quarter, compared to analysts’ expectations of $320.64 million. MYR Group had a net margin of 1.77% and a return on equity of 6.06%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period last year, the firm posted $0.07 earnings per share. analysts forecast that MYR Group will post 1.98 earnings per share for the current fiscal year.
In related news, Director William A. Koertner sold 10,832 shares of the company’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $38.69, for a total value of $419,090.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William A. Koertner sold 39,601 shares of the company’s stock in a transaction that occurred on Thursday, May 3rd. The shares were sold at an average price of $35.00, for a total transaction of $1,386,035.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 63,194 shares of company stock valued at $2,303,576. Company insiders own 4.90% of the company’s stock.
Several large investors have recently modified their holdings of MYRG. Alliancebernstein L.P. increased its stake in MYR Group by 2,066.2% in the 4th quarter. Alliancebernstein L.P. now owns 532,336 shares of the utilities provider’s stock valued at $19,020,000 after buying an additional 507,761 shares during the period. Victory Capital Management Inc. increased its stake in MYR Group by 42.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,196,799 shares of the utilities provider’s stock valued at $36,886,000 after buying an additional 356,222 shares during the period. Macquarie Group Ltd. increased its stake in MYR Group by 8.7% in the 4th quarter. Macquarie Group Ltd. now owns 939,473 shares of the utilities provider’s stock valued at $33,567,000 after buying an additional 74,981 shares during the period. BlackRock Inc. increased its stake in MYR Group by 2.1% in the 4th quarter. BlackRock Inc. now owns 2,163,292 shares of the utilities provider’s stock valued at $77,295,000 after buying an additional 45,478 shares during the period. Finally, Wells Fargo & Company MN increased its stake in MYR Group by 44.9% in the 4th quarter. Wells Fargo & Company MN now owns 111,754 shares of the utilities provider’s stock valued at $3,993,000 after buying an additional 34,625 shares during the period. Institutional investors and hedge funds own 89.23% of the company’s stock.
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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