Avondale Partners cut shares of MYR Group Inc. (NASDAQ:MYRG) from an outperform rating to a market perform rating in a research report report published on Friday.

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.

5 Day Chart for NASDAQ:MYRG

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