MYR Group’s (MYRG) “Buy” Rating Reiterated at Robert W. Baird
Robert W. Baird restated their buy rating on shares of MYR Group, Inc. (NASDAQ:MYRG) in a research note published on Tuesday morning. The firm currently has a $34.00 target price on the utilities provider’s stock.
Several other brokerages have also issued reports on MYRG. Zacks Investment Research lowered MYR Group from a strong-buy rating to a hold rating in a research report on Tuesday, May 9th. FBR & Co restated an outperform rating and set a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. TheStreet lowered MYR Group from a b- rating to a c rating in a research report on Tuesday, May 30th. Canaccord Genuity dropped their target price on MYR Group from $47.00 to $35.00 and set a buy rating for the company in a research report on Friday, August 4th. Finally, Stifel Nicolaus restated a hold rating and set a $36.00 target price on shares of MYR Group in a research report on Tuesday, August 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. MYR Group presently has a consensus rating of Hold and a consensus target price of $34.60.
MYR Group (MYRG) opened at 26.02 on Tuesday. The stock has a 50 day moving average price of $26.57 and a 200-day moving average price of $33.14. MYR Group has a 12-month low of $23.00 and a 12-month high of $43.77. The stock has a market capitalization of $429.10 million, a PE ratio of 25.84 and a beta of 0.34.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.27. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The company had revenue of $356.20 million during the quarter, compared to analysts’ expectations of $310.57 million. During the same quarter in the prior year, the business posted $0.31 EPS. The company’s revenue was up 36.0% on a year-over-year basis. On average, equities analysts anticipate that MYR Group will post $0.88 earnings per share for the current fiscal year.
MYR Group declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 2nd that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $32.00, for a total value of $320,000.00. Following the transaction, the vice president now directly owns 48,295 shares of the company’s stock, valued at approximately $1,545,440. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Gerald B. Jr. Engen sold 1,210 shares of the company’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $31.01, for a total value of $37,522.10. Following the completion of the transaction, the vice president now directly owns 68,185 shares in the company, valued at $2,114,416.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,000 shares of company stock worth $632,034. Insiders own 5.00% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue increased its position in shares of MYR Group by 82.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 3,232 shares of the utilities provider’s stock valued at $100,000 after acquiring an additional 1,462 shares during the period. LS Investment Advisors LLC increased its position in shares of MYR Group by 266.8% in the 1st quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after acquiring an additional 1,833 shares during the period. Mason Street Advisors LLC increased its position in shares of MYR Group by 7.0% in the 1st quarter. Mason Street Advisors LLC now owns 3,757 shares of the utilities provider’s stock valued at $154,000 after acquiring an additional 246 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of MYR Group in the 1st quarter valued at $156,000. Finally, BNP Paribas Arbitrage SA increased its position in shares of MYR Group by 4.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 217 shares during the period. 87.81% of the stock is currently owned by hedge funds and other institutional investors.
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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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