MYR Group Inc. (MYRG) Rating Lowered to Hold at Zacks Investment Research
MYR Group Inc. (NASDAQ:MYRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
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. “
Other equities research analysts have also recently issued research reports about the stock. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and upped their price target for the stock from $27.00 to $30.00 in a research report on Friday, August 12th. Maxim Group upped their price target on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, August 5th. Finally, Canaccord Genuity reaffirmed a “buy” rating and issued a $32.00 price target on shares of MYR Group in a research report on Sunday, August 7th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. MYR Group presently has an average rating of “Buy” and an average price target of $30.67.
Shares of MYR Group (NASDAQ:MYRG) opened at 34.81 on Wednesday. MYR Group has a one year low of $17.77 and a one year high of $34.90. The stock has a market cap of $559.19 million, a PE ratio of 32.75 and a beta of 0.46. The company has a 50-day moving average of $30.12 and a 200 day moving average of $26.86.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, November 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.38. The company earned $283.30 million during the quarter, compared to analysts’ expectations of $275.13 million. MYR Group had a net margin of 1.82% and a return on equity of 6.91%. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.29 EPS. On average, analysts predict that MYR Group will post $1.15 earnings per share for the current year.
In related news, VP Gerald B. Jr. Engen sold 32,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $32.53, for a total transaction of $1,040,960.00. Following the completion of the transaction, the vice president now owns 102,219 shares in the company, valued at approximately $3,325,184.07. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Tod M. Cooper sold 9,212 shares of the business’s stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $28.75, for a total transaction of $264,845.00. Following the transaction, the insider now owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The disclosure for this sale can be found here. Corporate insiders own 10.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of MYRG. AJO LP raised its position in shares of MYR Group by 145.3% in the second quarter. AJO LP now owns 352,464 shares of the company’s stock worth $8,487,000 after buying an additional 208,753 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of MYR Group by 27.4% in the second quarter. Macquarie Group Ltd. now owns 539,756 shares of the company’s stock worth $12,997,000 after buying an additional 115,981 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of MYR Group by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,571,771 shares of the company’s stock worth $37,848,000 after buying an additional 91,135 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of MYR Group by 426.4% in the third quarter. Acadian Asset Management LLC now owns 98,847 shares of the company’s stock worth $2,976,000 after buying an additional 80,068 shares during the last quarter. Finally, Systematic Financial Management LP bought a new position in shares of MYR Group during the second quarter worth about $1,838,000. Hedge funds and other institutional investors own 89.85% of the company’s stock.
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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