MYR Group Inc (MYRG) Receives Average Rating of “Hold” from Brokerages

Shares of MYR Group Inc (NASDAQ:MYRG) have received an average rating of “Hold” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $37.33.

A number of research firms have recently issued reports on MYRG. BidaskClub downgraded MYR Group from a “sell” rating to a “strong sell” rating in a research report on Wednesday. ValuEngine downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Zacks Investment Research downgraded MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. Stifel Nicolaus raised MYR Group from a “hold” rating to a “buy” rating and increased their price target for the stock from $32.00 to $39.00 in a research report on Thursday, May 16th. Finally, Robert W. Baird set a $34.00 price target on MYR Group and gave the stock a “hold” rating in a research report on Thursday, March 7th.

In other news, Director William A. Koertner sold 2,606 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $35.04, for a total transaction of $91,314.24. Following the transaction, the director now owns 303,544 shares of the company’s stock, valued at approximately $10,636,181.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary Ronald Johnson sold 2,000 shares of the stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $36.00, for a total value of $72,000.00. Following the transaction, the director now directly owns 21,424 shares in the company, valued at approximately $771,264. The disclosure for this sale can be found here. Insiders have sold a total of 16,042 shares of company stock worth $568,546 in the last three months. Corporate insiders own 4.50% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position in MYR Group by 8.6% during the fourth quarter. Victory Capital Management Inc. now owns 1,555,401 shares of the utilities provider’s stock valued at $43,816,000 after purchasing an additional 122,525 shares in the last quarter. Macquarie Group Ltd. boosted its position in MYR Group by 7.4% during the fourth quarter. Macquarie Group Ltd. now owns 1,370,678 shares of the utilities provider’s stock valued at $38,612,000 after purchasing an additional 94,156 shares in the last quarter. Martingale Asset Management L P bought a new stake in MYR Group during the first quarter valued at about $2,467,000. Marshall Wace LLP bought a new stake in MYR Group during the first quarter valued at about $1,973,000. Finally, Oxford Asset Management LLP boosted its position in MYR Group by 202.5% during the first quarter. Oxford Asset Management LLP now owns 61,370 shares of the utilities provider’s stock valued at $2,125,000 after purchasing an additional 41,082 shares in the last quarter. 88.03% of the stock is currently owned by institutional investors and hedge funds.

Shares of MYR Group stock opened at $34.15 on Friday. The firm has a market capitalization of $557.59 million, a price-to-earnings ratio of 18.26 and a beta of 0.64. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 1.72. MYR Group has a 52 week low of $26.24 and a 52 week high of $40.81.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.05. The company had revenue of $468.10 million for the quarter, compared to the consensus estimate of $395.83 million. MYR Group had a return on equity of 10.32% and a net margin of 1.98%. MYR Group’s quarterly revenue was up 35.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 EPS. On average, equities analysts expect that MYR Group will post 2.36 EPS for the current fiscal year.

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 industry.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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