MYR Group, Inc. (MYRG) Lifted to Hold at Zacks Investment Research
MYR Group, Inc. (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “strong sell” 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. “
A number of other equities analysts have also issued reports on MYRG. Robert W. Baird boosted their target price on shares of MYR Group from $34.00 to $35.00 and gave the stock an “outperform” rating in a research report on Friday, November 3rd. FBR & Co lowered their price target on shares of MYR Group from $37.00 to $28.00 and set a “market perform” rating on the stock in a report on Friday, August 18th. Canaccord Genuity lowered their price target on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, August 4th. Stifel Nicolaus reissued a “hold” rating and issued a $36.00 price target on shares of MYR Group in a report on Tuesday, August 29th. Finally, KeyCorp reissued a “hold” rating on shares of MYR Group in a report on Friday, September 8th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. MYR Group has an average rating of “Hold” and an average target price of $31.75.
MYR Group (MYRG) opened at $33.19 on Wednesday. MYR Group has a 52-week low of $23.00 and a 52-week high of $43.77. The stock has a market cap of $546.37, a price-to-earnings ratio of 34.31 and a beta of 0.43. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.84 and a current ratio of 1.84.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The company had revenue of $373.50 million for the quarter, compared to the consensus estimate of $350.80 million. During the same period last year, the firm posted $0.38 EPS. The company’s revenue was up 31.8% compared to the same quarter last year. analysts expect that MYR Group will post 0.76 EPS for the current fiscal year.
MYR Group announced that its Board of Directors has initiated a stock buyback plan on Wednesday, August 2nd that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the utilities provider to reacquire up to 3.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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A number of institutional investors have recently made changes to their positions in MYRG. GCA Investment Management LLC bought a new stake in MYR Group in the 2nd quarter valued at $15,355,000. Corbyn Investment Management Inc. MD boosted its stake in shares of MYR Group by 109.9% in the 2nd quarter. Corbyn Investment Management Inc. MD now owns 327,227 shares of the utilities provider’s stock valued at $10,151,000 after purchasing an additional 171,323 shares in the last quarter. Thomson Horstmann & Bryant Inc. boosted its stake in shares of MYR Group by 99.4% in the 2nd quarter. Thomson Horstmann & Bryant Inc. now owns 304,260 shares of the utilities provider’s stock valued at $9,438,000 after purchasing an additional 151,664 shares in the last quarter. Tygh Capital Management Inc. acquired a new stake in shares of MYR Group in the 3rd quarter valued at $3,048,000. Finally, Thrivent Financial For Lutherans boosted its stake in shares of MYR Group by 65.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock valued at $6,822,000 after purchasing an additional 86,980 shares in the last quarter. 87.57% of the stock is currently owned by hedge funds and other institutional investors.
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). 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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