Zacks Investment Research Upgrades MYR Group (NASDAQ: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. “
MYRG has been the subject of several other research reports. BidaskClub upgraded MYR Group from a sell rating to a hold rating in a research note on Thursday, September 12th. Robert W. Baird upgraded MYR Group from a neutral rating to an outperform rating and boosted their target price for the stock from $35.00 to $36.00 in a research note on Wednesday, September 11th. ValuEngine cut MYR Group from a hold rating to a sell rating in a research note on Monday, November 11th. Finally, B. Riley decreased their target price on MYR Group from $39.00 to $34.00 and set a neutral rating for the company in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $37.50.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.62 EPS for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.04. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. The business had revenue of $583.21 million during the quarter, compared to the consensus estimate of $503.87 million. During the same period in the previous year, the company posted $0.48 earnings per share. The business’s revenue for the quarter was up 46.0% on a year-over-year basis. Equities research analysts predict that MYR Group will post 2.05 earnings per share for the current fiscal year.
In related news, Director William A. Koertner sold 4,241 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $35.07, for a total transaction of $148,731.87. Following the completion of the sale, the director now owns 309,834 shares in the company, valued at $10,865,878.38. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William A. Koertner sold 1,353 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $35.02, for a total value of $47,382.06. Following the sale, the director now owns 305,056 shares of the company’s stock, valued at approximately $10,683,061.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,980 shares of company stock valued at $209,388. 4.50% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of MYRG. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in MYR Group in the third quarter valued at approximately $44,000. Mackay Shields LLC lifted its stake in MYR Group by 11.1% in the third quarter. Mackay Shields LLC now owns 113,835 shares of the utilities provider’s stock valued at $3,561,000 after buying an additional 11,400 shares during the last quarter. Comerica Bank lifted its stake in MYR Group by 1.9% in the third quarter. Comerica Bank now owns 15,598 shares of the utilities provider’s stock valued at $511,000 after buying an additional 295 shares during the last quarter. California Public Employees Retirement System lifted its stake in MYR Group by 17.2% in the third quarter. California Public Employees Retirement System now owns 22,680 shares of the utilities provider’s stock valued at $710,000 after buying an additional 3,333 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its stake in MYR Group by 8.0% in the third quarter. New York State Teachers Retirement System now owns 9,458 shares of the utilities provider’s stock valued at $296,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 90.64% of the company’s stock.
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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