Robert W. Baird Increases MYR Group, Inc. (MYRG) Price Target to $35.00
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.
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