Citigroup downgraded shares of MYR Group (NASDAQ:MYRG) to a sell rating in a research note released on Monday morning.

Several other research analysts also recently commented on MYRG. Robert W. Baird downgraded MYR Group from an outperform rating to a neutral rating in a research note on Friday, August 3rd. Stifel Nicolaus lifted their target price on MYR Group from $37.00 to $41.00 and gave the stock a hold rating in a research note on Tuesday, July 10th. B. Riley reduced their target price on MYR Group from $40.00 to $39.00 and set a neutral rating for the company in a research note on Tuesday, August 7th. Zacks Investment Research downgraded MYR Group from a hold rating to a sell rating in a research note on Wednesday, October 10th. Finally, BidaskClub upgraded MYR Group from a sell rating to a hold rating in a research note on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. MYR Group has a consensus rating of Hold and a consensus price target of $40.00.

MYRG stock traded down $0.58 during mid-day trading on Monday, reaching $33.61. The company had a trading volume of 10,497 shares, compared to its average volume of 67,202. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28. The company has a market cap of $566.18 million, a price-to-earnings ratio of 41.49 and a beta of 0.35. MYR Group has a 52 week low of $28.93 and a 52 week high of $40.81.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.06). The company had revenue of $399.50 million during the quarter, compared to the consensus estimate of $404.01 million. MYR Group had a net margin of 2.33% and a return on equity of 8.49%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.31 earnings per share. On average, equities research analysts anticipate that MYR Group will post 1.75 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in MYR Group by 9.1% during the 2nd quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after purchasing an additional 200,044 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in MYR Group by 11.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock worth $46,769,000 after purchasing an additional 144,858 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in MYR Group by 11.8% during the 2nd quarter. Macquarie Group Ltd. now owns 1,119,841 shares of the utilities provider’s stock worth $39,710,000 after purchasing an additional 117,864 shares during the last quarter. Third Avenue Management LLC lifted its holdings in MYR Group by 14.9% during the 2nd quarter. Third Avenue Management LLC now owns 283,548 shares of the utilities provider’s stock worth $10,055,000 after purchasing an additional 36,724 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in MYR Group by 5.8% during the 2nd quarter. Northern Trust Corp now owns 225,540 shares of the utilities provider’s stock worth $7,998,000 after purchasing an additional 12,393 shares during the last quarter. 87.29% of the stock is owned by institutional investors and hedge funds.

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 and the renewable energy industries.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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