MYR Group, Inc. (NASDAQ:MYRG) had its target price boosted by equities research analysts at Robert W. Baird from $34.00 to $35.00 in a research note issued to investors on Friday. The firm currently has an “outperform” rating on the utilities provider’s stock. Robert W. Baird’s price objective indicates a potential upside of 9.68% from the company’s previous close.

MYRG has been the topic of a number of other research reports. FBR & Co lowered their price target on MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a research report on Friday, August 18th. Stifel Nicolaus restated a “hold” rating and set a $36.00 price target on shares of MYR Group in a research report on Tuesday, August 29th. KeyCorp restated a “hold” rating on shares of MYR Group in a research report on Friday, September 8th. Zacks Investment Research raised MYR Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Finally, Canaccord Genuity reduced their price objective on MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $31.75.

MYR Group (NASDAQ MYRG) traded up $0.55 during midday trading on Friday, reaching $31.91. The company’s stock had a trading volume of 125,997 shares, compared to its average volume of 119,883. The firm has a market cap of $496.49 million, a PE ratio of 32.43 and a beta of 0.43.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm had revenue of $373.50 million for the quarter, compared to analysts’ expectations of $350.80 million. During the same quarter in the previous year, the business earned $0.38 EPS. The company’s revenue for the quarter was up 31.8% on a year-over-year basis. research analysts predict that MYR Group will post 0.83 EPS for the current year.

MYR Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, August 2nd that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

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Several large investors have recently made changes to their positions in the company. BNP Paribas Arbitrage SA grew its stake in shares of MYR Group by 56.7% during the third quarter. BNP Paribas Arbitrage SA now owns 8,501 shares of the utilities provider’s stock valued at $248,000 after buying an additional 3,077 shares during the last quarter. Morgan Dempsey Capital Management LLC bought a new position in shares of MYR Group during the third quarter valued at about $1,173,000. Investment Counselors of Maryland LLC grew its stake in shares of MYR Group by 7.4% during the third quarter. Investment Counselors of Maryland LLC now owns 659,226 shares of the utilities provider’s stock valued at $19,210,000 after buying an additional 45,660 shares during the last quarter. Tygh Capital Management Inc. bought a new position in shares of MYR Group during the third quarter valued at about $3,048,000. Finally, Teton Advisors Inc. grew its stake in shares of MYR Group by 2.2% during the third quarter. Teton Advisors Inc. now owns 140,674 shares of the utilities provider’s stock valued at $4,099,000 after buying an additional 3,000 shares during the last quarter. 86.53% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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