MYR Group Inc. (MYRG) Downgraded to Market Perform at Avondale Partners
Several other research firms have also commented on MYRG. Robert W. Baird lowered shares of MYR Group from an outperform rating to a neutral rating and upped their price target for the company from $27.00 to $30.00 in a research report on Friday, August 12th. Zacks Investment Research raised shares of MYR Group from a hold rating to a buy rating and set a $34.00 price target for the company in a research report on Thursday, October 6th. Maxim Group upped their price target on shares of MYR Group from $28.00 to $30.00 and gave the company a buy rating in a research report on Friday, August 5th. Finally, Canaccord Genuity reaffirmed a buy rating and set a $34.00 price target on shares of MYR Group in a research report on Thursday, November 3rd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $30.67.
Shares of MYR Group (NASDAQ:MYRG) traded down 1.22% during midday trading on Friday, reaching $36.39. 25,166 shares of the company were exchanged. MYR Group has a 12-month low of $17.77 and a 12-month high of $37.91. The company has a 50 day moving average price of $31.31 and a 200-day moving average price of $27.34. The stock has a market capitalization of $584.57 million, a P/E ratio of 34.23 and a beta of 0.46.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, November 2nd. The company reported $0.38 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. MYR Group had a net margin of 1.82% and a return on equity of 6.91%. The firm earned $283.30 million during the quarter, compared to analyst estimates of $275.13 million. During the same quarter in the prior year, the firm earned $0.29 EPS. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, analysts forecast that MYR Group will post $1.17 earnings per share for the current fiscal year.
In other news, Director Jack L. Alexander sold 8,000 shares of the stock in a transaction that occurred on Monday, November 14th. The stock was sold at an average price of $36.06, for a total transaction of $288,480.00. Following the completion of the transaction, the director now directly owns 25,290 shares in the company, valued at approximately $911,957.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman William A. Koertner sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 22nd. The shares were sold at an average price of $29.50, for a total value of $295,000.00. Following the transaction, the chairman now owns 304,337 shares of the company’s stock, valued at $8,977,941.50. The disclosure for this sale can be found here. 10.40% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. purchased a new position in MYR Group during the third quarter worth approximately $101,000. US Bancorp DE increased its position 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 in the last quarter. Societe Generale purchased a new position in MYR Group during the second quarter worth approximately $127,000. SG Americas Securities LLC purchased a new position in MYR Group during the second quarter worth approximately $127,000. Finally, BNP Paribas Arbitrage SA increased its position 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 in the last quarter. Hedge funds and other institutional investors own 88.23% 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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