Zacks Investment Research Downgrades MYR Group (MYRG) to Hold
According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “
A number of other brokerages also recently issued reports on MYRG. Robert W. Baird set a $34.00 price target on MYR Group and gave the company a “hold” rating in a report on Thursday, March 7th. BidaskClub upgraded MYR Group from a “hold” rating to a “buy” rating in a report on Friday, February 15th. Stifel Nicolaus upgraded MYR Group from a “hold” rating to a “buy” rating and boosted their price target for the company from $32.00 to $39.00 in a report on Thursday, May 16th. Finally, ValuEngine downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $37.25.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.05. The firm had revenue of $468.10 million for the quarter, compared to the consensus estimate of $395.83 million. MYR Group had a return on equity of 10.32% and a net margin of 1.98%. The company’s quarterly revenue was up 35.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.34 earnings per share. On average, analysts predict that MYR Group will post 2.36 earnings per share for the current year.
In related news, Director Gary Ronald Johnson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $36.00, for a total transaction of $72,000.00. Following the transaction, the director now owns 21,424 shares in the company, valued at approximately $771,264. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Gerald B. Jr. Engen sold 2,877 shares of MYR Group stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $36.52, for a total value of $105,068.04. Following the sale, the senior vice president now directly owns 48,736 shares in the company, valued at $1,779,838.72. The disclosure for this sale can be found here. 4.50% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the business. Quantamental Technologies LLC bought a new stake in MYR Group during the 4th quarter valued at approximately $28,000. BNP Paribas Arbitrage SA boosted its position in MYR Group by 698.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock valued at $116,000 after acquiring an additional 2,939 shares in the last quarter. Bank of Montreal Can boosted its position in MYR Group by 386.6% during the 1st quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock valued at $179,000 after acquiring an additional 4,106 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in MYR Group during the 1st quarter valued at approximately $180,000. Finally, Metropolitan Life Insurance Co. NY boosted its position in MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock valued at $165,000 after acquiring an additional 4,828 shares in the last quarter. 89.56% of the stock is currently 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 industry.
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