MYR Group Inc. (MYRG) Receives $31.33 Average PT from Analysts
MYR Group Inc. (NASDAQ:MYRG) has earned a consensus rating of “Hold” from the eight ratings firms that are presently covering the firm. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $31.33.
Several equities analysts have commented on MYRG shares. Maxim Group raised their target price on shares of MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research note on Friday, August 5th. Canaccord Genuity reissued a “buy” rating and set a $32.00 target price on shares of MYR Group in a research note on Sunday, August 7th. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and raised their target price for the company from $27.00 to $30.00 in a research note 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 target price on the stock in a research note on Thursday, October 6th. Finally, Avondale Partners cut shares of MYR Group from an “outperform” rating to a “market perform” rating in a research note on Friday, November 18th.
MYR Group (NASDAQ:MYRG) opened at 37.80 on Wednesday. MYR Group has a 12 month low of $17.77 and a 12 month high of $38.25. The company’s 50-day moving average is $32.12 and its 200 day moving average is $27.73. The firm has a market cap of $607.22 million, a price-to-earnings ratio of 35.56 and a beta of 0.46.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, November 2nd. The company reported $0.38 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.38. The firm had revenue of $283.30 million for 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%. MYR Group’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the company earned $0.29 EPS. On average, equities research analysts predict that MYR Group will post $1.17 earnings per share for the current year.
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In other news, Director Jack L. Alexander sold 8,000 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were 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 owns 25,290 shares in the company, valued at approximately $911,957.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Gerald B. Jr. Engen sold 32,000 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The stock was 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 of the company’s stock, valued at $3,325,184.07. The disclosure for this sale can be found here. Insiders own 10.40% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Alambic Investment Management L.P. boosted its position in shares of MYR Group by 5.1% in the second quarter. Alambic Investment Management L.P. now owns 14,400 shares of the company’s stock valued at $347,000 after buying an additional 700 shares during the last quarter. LSV Asset Management boosted its position in shares of 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 during the last quarter. GSA Capital Partners LLP boosted its position in shares of 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 during the last quarter. California Public Employees Retirement System boosted its position in shares of MYR Group by 4.2% in the second quarter. California Public Employees Retirement System now owns 51,900 shares of the company’s stock valued at $1,250,000 after buying an additional 2,100 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of MYR Group during the second quarter valued at approximately $127,000. Institutional investors own 88.70% of the company’s stock.
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.
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