MYR Group (NASDAQ:MYRG) Stock Lifted to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks reports.

A number of other brokerages have also recently issued reports on MYRG. Jefferies Financial Group upgraded MYR Group from a “hold” rating to a “buy” rating and cut their target price for the stock from $377.00 to $370.00 in a report on Tuesday, October 6th. Stifel Nicolaus reduced their price target on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Robert W. Baird set a $363.00 price target on shares of MYR Group in a research note on Thursday, October 29th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 29th. Finally, The Goldman Sachs Group restated a “neutral” rating and set a $331.00 price objective on shares of MYR Group in a report on Thursday, October 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $397.00.

MYR Group Stock Down 9.5%

Shares of NASDAQ:MYRG opened at $263.89 on Tuesday. The business’s 50 day simple moving average is $287.92 and its two-hundred day simple moving average is $334.06. The firm has a market cap of $4.11 billion, a P/E ratio of 21.44 and a beta of 1.36. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a 52-week low of $199.30 and a 52-week high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 28th. The utilities provider reported $3.82 EPS for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. The firm had revenue of $1.26 billion during the quarter, compared to analysts’ expectations of $1.16 billion. MYR Group had a return on equity of 26.32% and a net margin of 4.48%. The company’s revenue for the quarter was up 32.5% compared to the same quarter last year. During the same quarter last year, the firm posted $2.05 earnings per share. As a group, research analysts forecast that MYR Group will post 13.25 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several large investors have recently made changes to their positions in MYRG. Inspire Investing LLC increased its holdings in MYR Group by 82.7% during the third quarter. Inspire Investing LLC now owns 11,180 shares of the utilities provider’s stock worth $3,270,000 after buying an additional 5,060 shares during the last quarter. First Trust Advisors LP raised its position in MYR Group by 23.5% in the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock worth $57,518,000 after acquiring an additional 38,726 shares during the period. Public Employees Retirement System of Ohio purchased a new position in MYR Group in the second quarter valued at about $3,454,000. BlackRock Inc. purchased a new position in MYR Group in the second quarter valued at about $1,232,294,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in MYR Group in the second quarter valued at about $1,876,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

About MYR Group

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.