Zacks Investment Research upgraded shares of MYR Group Inc. (NASDAQ:MYRG) from a hold rating to a buy rating in a research note published on Thursday morning. The firm currently has $34.00 target price on the stock.

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 equities analysts have also recently commented on MYRG. Maxim Group raised their target price on MYR Group from $28.00 to $30.00 and gave the stock a buy rating in a report on Friday, August 5th. Canaccord Genuity reaffirmed a buy rating and issued a $32.00 target price on shares of MYR Group in a report on Sunday, August 7th. Finally, Robert W. Baird cut MYR Group from an outperform rating to a neutral rating and raised their target price for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. MYR Group presently has an average rating of Buy and a consensus price target of $29.29.

MYR Group (NASDAQ:MYRG) traded down 0.62% during trading on Thursday, hitting $30.57. The stock had a trading volume of 17,175 shares. The company has a 50-day moving average of $29.23 and a 200 day moving average of $25.94. The firm has a market cap of $490.74 million, a P/E ratio of 30.88 and a beta of 0.51. MYR Group has a 52-week low of $17.77 and a 52-week high of $30.80.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. MYR Group had a return on equity of 6.40% and a net margin of 1.85%. The company earned $261.90 million during the quarter, compared to the consensus estimate of $279.96 million. During the same period in the prior year, the business posted $0.38 earnings per share. MYR Group’s revenue for the quarter was down 5.3% compared to the same quarter last year. On average, equities research analysts predict that MYR Group will post $1.14 earnings per share for the current fiscal year.

In other news, insider Tod M. Cooper sold 9,212 shares of MYR Group stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the sale, the insider now directly owns 34,319 shares of the company’s stock, valued at $986,671.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman William A. Koertner sold 10,000 shares of MYR Group stock in a transaction dated Thursday, September 22nd. The stock was sold at an average price of $29.50, for a total value of $295,000.00. Following the completion of the sale, the chairman now directly owns 304,337 shares in the company, valued at $8,977,941.50. The disclosure for this sale can be found here. 10.40% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Loomis Sayles & Co. L P raised its position in MYR Group by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 478,129 shares of the company’s stock valued at $12,006,000 after buying an additional 5,374 shares in the last quarter. GSA Capital Partners LLP raised its position in MYR Group by 195.3% in the second quarter. GSA Capital Partners LLP now owns 62,592 shares of the company’s stock valued at $1,507,000 after buying an additional 41,395 shares in the last quarter. DNB Asset Management AS raised its position in MYR Group by 118.6% in the second quarter. DNB Asset Management AS now owns 22,688 shares of the company’s stock valued at $546,000 after buying an additional 12,308 shares in the last quarter. LSV Asset Management raised its position in MYR Group by 36.8% in the second quarter. LSV Asset Management now owns 126,782 shares of the company’s stock valued at $3,052,000 after buying an additional 34,122 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in MYR Group by 9.4% in the second quarter. Victory Capital Management Inc. now owns 34,767 shares of the company’s stock valued at $837,000 after buying an additional 3,000 shares in the last quarter. 90.39% of the stock is currently owned by hedge funds and other institutional investors.

About MYR Group

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.

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