MYR Group (NASDAQ:MYRG) Raised to “Sell” at BidaskClub
A number of other research analysts have also recently issued reports on the company. Robert W. Baird set a $34.00 price objective on MYR Group and gave the company a hold rating in a research note on Thursday, March 7th. Zacks Investment Research raised MYR Group from a hold rating to a buy rating and set a $39.00 price objective on the stock in a research note on Saturday, March 9th. Stifel Nicolaus raised MYR Group from a hold rating to a buy rating and raised their price objective for the company from $32.00 to $39.00 in a research note on Thursday, May 16th. Finally, ValuEngine cut MYR Group from a hold rating to a sell rating in a research note on Wednesday, May 15th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. MYR Group presently has a consensus rating of Hold and a consensus target price of $38.00.
Shares of NASDAQ:MYRG opened at $36.24 on Thursday. MYR Group has a 12-month low of $26.24 and a 12-month high of $39.60. The stock has a market cap of $601.58 million, a PE ratio of 18.40 and a beta of 0.70. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA grew its stake in shares of MYR Group by 698.1% in the first quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock worth $116,000 after purchasing an additional 2,939 shares during the last quarter. Bank of Montreal Can grew its stake in shares of MYR Group by 386.6% in the first quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock worth $179,000 after purchasing an additional 4,106 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of MYR Group in the first quarter worth about $180,000. Metropolitan Life Insurance Co. NY grew its stake in shares of MYR Group by 472.4% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after purchasing an additional 4,828 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of MYR Group in the first quarter worth about $215,000. 89.56% of the stock is currently owned by institutional investors.
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 industry.
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