MYR Group (NASDAQ:MYRG) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a research report report published on Sunday.

Other research analysts have also issued research reports about the company. Stifel Nicolaus boosted their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the company a “neutral” rating in a research note on Thursday, August 7th. Jefferies Financial Group assumed coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 target price for the company. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $194.50.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $233.58 on Friday. The firm’s 50 day moving average is $202.00 and its two-hundred day moving average is $184.01. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13. The firm has a market capitalization of $3.63 billion, a P/E ratio of 37.74 and a beta of 1.24. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.14.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same period in the previous year, the firm posted $0.65 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. Analysts anticipate that MYR Group will post 1.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. The trade was a 33.34% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MYRG. Maseco LLP acquired a new stake in shares of MYR Group during the 2nd quarter valued at $28,000. Quarry LP raised its position in shares of MYR Group by 190.4% during the first quarter. Quarry LP now owns 273 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 179 shares during the period. MAI Capital Management lifted its holdings in shares of MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group in the 2nd quarter valued at $34,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in MYR Group in the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.