MYR Group Inc. (NASDAQ:MYRG) Receives Average Rating of “Hold” from Brokerages
Shares of MYR Group Inc. (NASDAQ:MYRG) have been given an average rating of “Hold” by the ten analysts that are presently covering the company. Six equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $28.80.
MYRG has been the subject of a number of recent analyst reports. Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 price objective on shares of MYR Group in a research report on Sunday, August 7th. Zacks Investment Research raised MYR Group from a “sell” rating to a “hold” rating in a research report on Friday, July 15th. Maxim Group lifted their price objective on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Finally, Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and lifted their price objective for the company from $27.00 to $30.00 in a research report on Friday, August 12th.
In other MYR Group news, insider Tod M. Cooper sold 9,212 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $28.75, for a total transaction of $264,845.00. Following the completion of the sale, the insider now owns 34,319 shares of the company’s stock, valued at $986,671.25. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 10.40% of the company’s stock.
Several large investors have recently modified their holdings of the company. Macquarie Group Ltd. increased its stake in shares of MYR Group by 27.4% in the second quarter. Macquarie Group Ltd. now owns 539,756 shares of the company’s stock valued at $12,997,000 after buying an additional 115,981 shares during the last quarter. Wolverine Asset Management LLC increased its stake in shares of MYR Group by 3,900.0% in the second quarter. Wolverine Asset Management LLC now owns 36,000 shares of the company’s stock valued at $866,000 after buying an additional 35,100 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in shares of MYR Group by 3.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 127,920 shares of the company’s stock valued at $3,081,000 after buying an additional 4,088 shares during the last quarter. Numeric Investors LLC bought a new stake in shares of MYR Group during the second quarter valued at $315,000. Finally, Highbridge Capital Management LLC bought a new stake in shares of MYR Group during the second quarter valued at $538,000. 90.39% of the stock is owned by institutional investors.
Shares of MYR Group (NASDAQ:MYRG) opened at 28.02 on Wednesday. MYR Group has a 52-week low of $17.77 and a 52-week high of $29.85. The firm has a 50-day moving average price of $27.84 and a 200-day moving average price of $25.35. The firm has a market cap of $449.81 million, a price-to-earnings ratio of 28.30 and a beta of 0.67.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The company earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. During the same period last year, the firm earned $0.38 earnings per share. The business’s revenue was down 5.3% compared to the same quarter last year. Analysts predict that MYR Group will post $1.14 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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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