MYR Group, Inc. (MYRG) Reaches New 52-Week Low at $24.44
Shares of MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week low during trading on Tuesday . The company traded as low as $24.44 and last traded at $24.45, with a volume of 25,976 shares. The stock had previously closed at $25.10.
A number of analysts recently commented on the company. Zacks Investment Research lowered MYR Group from a “hold” rating to a “strong sell” rating in a research note on Saturday, August 5th. Canaccord Genuity dropped their price target on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, August 4th. FBR & Co reaffirmed an “outperform” rating and issued a $37.00 price target (down previously from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. TheStreet lowered MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target for the company in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $40.00.
The firm has a market capitalization of $405.18 million, a P/E ratio of 24.40 and a beta of 0.35. The company has a 50 day moving average price of $29.90 and a 200 day moving average price of $34.95.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. The firm had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.31 earnings per share. On average, equities research analysts expect that MYR Group, Inc. will post $0.88 EPS for the current fiscal year.
MYR Group declared that its Board of Directors has authorized a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the vice president now directly owns 68,295 shares of the company’s stock, valued at $2,048,850. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average cost of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now owns 2,625 shares of the company’s stock, valued at $78,172.50. The disclosure for this purchase can be found here. Insiders sold 33,482 shares of company stock worth $1,036,842 over the last three months. Corporate insiders own 5.00% of the company’s stock.
A number of hedge funds have recently bought and sold shares of MYRG. LS Investment Advisors LLC raised its stake in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 shares during the period. State of Alaska Department of Revenue raised its stake in MYR Group by 82.6% in the second quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after buying an additional 1,462 shares during the period. Mason Street Advisors LLC raised its stake in MYR Group by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after buying an additional 246 shares during the period. Hillsdale Investment Management Inc. bought a new stake in MYR Group during the first quarter valued at approximately $156,000. Finally, BNP Paribas Arbitrage SA raised its stake in MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after buying an additional 217 shares during the period. 91.11% of the stock is currently owned by hedge funds and other institutional investors.
COPYRIGHT VIOLATION NOTICE: This report was first published by Watch List News and is the property of of Watch List News. If you are accessing this report on another site, it was illegally copied and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be read at https://www.watchlistnews.com/myr-group-inc-myrg-reaches-new-52-week-low-at-24-44/1491858.html.
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.
Receive News & Ratings for MYR Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.