MYR Group Inc. (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $34.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 11.51% from the stock’s current price.
According to Zacks, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure. “
A number of other research firms also recently issued reports on MYRG. Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and lifted their price target for the company from $27.00 to $30.00 in a research note on Friday, August 12th. Canaccord Genuity reiterated a “buy” rating and set a $32.00 price target on shares of MYR Group in a research note on Sunday, August 7th. Finally, Maxim Group lifted their price target on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. MYR Group has a consensus rating of “Buy” and an average target price of $29.29.
MYR Group (NASDAQ:MYRG) opened at 30.49 on Thursday. The stock has a 50 day moving average price of $29.16 and a 200 day moving average price of $25.91. The firm has a market cap of $489.46 million, a P/E ratio of 30.80 and a beta of 0.51. MYR Group has a 52-week low of $17.77 and a 52-week high of $30.79.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $261.90 million for the quarter, compared to analyst estimates of $279.96 million. MYR Group had a net margin of 1.85% and a return on equity of 6.40%. MYR Group’s revenue for the quarter was down 5.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. Equities analysts predict that MYR Group will post $1.14 earnings per share for the current fiscal year.
In related news, Chairman William A. Koertner sold 10,000 shares of MYR Group stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the chairman now owns 304,337 shares of the company’s stock, valued at approximately $9,130,110. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William A. Koertner sold 30,000 shares of MYR Group stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $28.58, for a total transaction of $857,400.00. Following the completion of the sale, the chairman now directly owns 304,337 shares in the company, valued at approximately $8,697,951.46. The disclosure for this sale can be found here. 10.40% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of the company. US Bancorp DE boosted its stake in MYR Group by 9.4% in the second quarter. US Bancorp DE now owns 4,279 shares of the company’s stock worth $103,000 after buying an additional 368 shares during the period. SG Americas Securities LLC bought a new stake in MYR Group during the second quarter worth approximately $127,000. Societe Generale bought a new stake in MYR Group during the second quarter worth approximately $127,000. BNP Paribas Arbitrage SA boosted its stake in MYR Group by 107.9% in the second quarter. BNP Paribas Arbitrage SA now owns 5,598 shares of the company’s stock worth $135,000 after buying an additional 2,906 shares during the period. Finally, Royal Bank of Canada boosted its stake in MYR Group by 4.4% in the first quarter. Royal Bank of Canada now owns 7,702 shares of the company’s stock worth $193,000 after buying an additional 325 shares during the period. 90.39% of the stock is currently owned by 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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.