MYR Group Inc (NASDAQ:MYRG) has been assigned a consensus recommendation of “Buy” from the six analysts that are presently covering the company. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $37.20.
Several equities analysts have issued reports on MYRG shares. FBR & Co upped their price target on shares of MYR Group from $32.00 to $45.00 and gave the company a “market perform” rating in a research report on Thursday, January 26th. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, February 8th.
In related news, COO Tod M. Cooper sold 8,412 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $38.95, for a total transaction of $327,647.40. Following the transaction, the chief operating officer now directly owns 31,590 shares of the company’s stock, valued at $1,230,430.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gerald B. Jr. Engen sold 19,853 shares of the firm’s stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $40.41, for a total transaction of $802,259.73. Following the transaction, the vice president now directly owns 86,837 shares in the company, valued at $3,509,083.17. The disclosure for this sale can be found here. Insiders sold 36,265 shares of company stock worth $1,450,867 over the last ninety days. Insiders own 10.40% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Thrivent Financial for Lutherans raised its position in MYR Group by 0.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 133,190 shares of the utilities provider’s stock worth $5,019,000 after buying an additional 400 shares during the last quarter. Comerica Bank raised its position in MYR Group by 4.9% in the fourth quarter. Comerica Bank now owns 17,082 shares of the utilities provider’s stock worth $645,000 after buying an additional 796 shares during the last quarter. Aperio Group LLC raised its position in MYR Group by 15.7% in the third quarter. Aperio Group LLC now owns 10,346 shares of the utilities provider’s stock worth $311,000 after buying an additional 1,402 shares during the last quarter. California Public Employees Retirement System raised its position in MYR Group by 6.0% in the third quarter. California Public Employees Retirement System now owns 55,000 shares of the utilities provider’s stock worth $1,656,000 after buying an additional 3,100 shares during the last quarter. Finally, LSV Asset Management raised its stake in shares of MYR Group by 2.4% in the third quarter. LSV Asset Management now owns 129,882 shares of the utilities provider’s stock valued at $3,909,000 after buying an additional 3,100 shares in the last quarter. 92.99% of the stock is currently owned by institutional investors.
Shares of MYR Group (NASDAQ:MYRG) traded up 0.91% on Friday, reaching $41.17. 170,863 shares of the company’s stock were exchanged. MYR Group has a 12 month low of $21.84 and a 12 month high of $43.77. The firm’s 50-day moving average price is $40.13 and its 200 day moving average price is $37.01. The company has a market cap of $672.88 million, a price-to-earnings ratio of 33.47 and a beta of 0.53.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Thursday, March 9th. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.08. MYR Group had a net margin of 1.82% and a return on equity of 6.91%. The firm earned $343.70 million during the quarter, compared to analysts’ expectations of $291.69 million. During the same period in the prior year, the company posted $0.29 EPS. The company’s revenue was up 26.7% on a year-over-year basis. Equities research analysts predict that MYR Group will post $1.70 EPS for the current fiscal year.
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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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