MYR Group, Inc. (MYRG) Price Target Raised to $35.00
MYR Group, Inc. (NASDAQ:MYRG) had its price objective raised by B. Riley from $28.00 to $35.00 in a research report report published on Thursday morning, Marketbeat reports. The brokerage currently has a neutral rating on the utilities provider’s stock. B. Riley also issued estimates for MYR Group’s Q4 2017 earnings at $0.34 EPS, FY2017 earnings at $0.80 EPS and FY2018 earnings at $1.55 EPS.
A number of other equities analysts have also recently commented on MYRG. Zacks Investment Research raised MYR Group from a strong sell rating to a hold rating in a report on Wednesday, November 8th. FBR & Co dropped their price target on MYR Group from $37.00 to $28.00 and set a market perform rating for the company in a research report on Friday, August 18th. Canaccord Genuity dropped their price target 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. Stifel Nicolaus restated a hold rating and issued a $36.00 price target on shares of MYR Group in a research report on Tuesday, August 29th. Finally, KeyCorp restated a hold rating on shares of MYR Group in a research report on Friday, September 8th. Five 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 $32.40.
Shares of MYR Group (NASDAQ:MYRG) traded up $0.31 during trading on Thursday, hitting $33.78. The company’s stock had a trading volume of 70,534 shares, compared to its average volume of 131,723. MYR Group has a fifty-two week low of $23.00 and a fifty-two week high of $43.77. The firm has a market capitalization of $556.09, a PE ratio of 36.32 and a beta of 0.43. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm had revenue of $373.50 million for the quarter, compared to analyst estimates of $350.80 million. During the same period in the previous year, the company earned $0.38 EPS. MYR Group’s revenue was up 31.8% compared to the same quarter last year. equities analysts forecast that MYR Group will post 0.79 EPS for the current fiscal year.
MYR Group announced that its board has initiated a share repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $20.00 million in shares. This repurchase authorization authorizes the utilities provider to purchase up to 3.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds have recently bought and sold shares of MYRG. Teachers Advisors LLC grew its position in shares of MYR Group by 41.3% in the first quarter. Teachers Advisors LLC now owns 84,677 shares of the utilities provider’s stock valued at $3,472,000 after purchasing an additional 24,753 shares in the last quarter. Legal & General Group Plc grew its position in MYR Group by 1.6% in the first quarter. Legal & General Group Plc now owns 26,474 shares of the utilities provider’s stock worth $1,086,000 after acquiring an additional 405 shares during the period. Vanguard Group Inc. grew its position in MYR Group by 3.5% in the first quarter. Vanguard Group Inc. now owns 876,521 shares of the utilities provider’s stock worth $35,937,000 after acquiring an additional 29,806 shares during the period. Geode Capital Management LLC grew its position in MYR Group by 5.1% in the first quarter. Geode Capital Management LLC now owns 174,182 shares of the utilities provider’s stock worth $7,141,000 after acquiring an additional 8,453 shares during the period. Finally, Morgan Stanley grew its position in MYR Group by 9.5% in the first quarter. Morgan Stanley now owns 94,786 shares of the utilities provider’s stock worth $3,886,000 after acquiring an additional 8,258 shares during the period. Institutional investors and hedge funds own 88.61% 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). 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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