BidaskClub downgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a hold rating in a research report sent to investors on Saturday.

A number of other research firms have also recently issued reports on MYRG. Zacks Investment Research upgraded MYR Group from a sell rating to a hold rating in a report on Wednesday, October 17th. Robert W. Baird reiterated a buy rating and issued a $39.00 price objective on shares of MYR Group in a report on Thursday, August 2nd. Citigroup cut MYR Group to a sell rating in a report on Monday, November 5th. Finally, B. Riley cut their price objective on MYR Group from $40.00 to $39.00 and set a neutral rating for the company in a report on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $40.00.

MYR Group stock opened at $30.88 on Friday. MYR Group has a 52 week low of $28.93 and a 52 week high of $40.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.69 and a quick ratio of 1.69. The stock has a market cap of $539.18 million, a P/E ratio of 38.12 and a beta of 0.35.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The business had revenue of $399.50 million for the quarter, compared to analysts’ expectations of $404.01 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. MYR Group’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, equities research analysts predict that MYR Group will post 1.75 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Piedmont Investment Advisors LLC purchased a new position in shares of MYR Group in the 2nd quarter worth about $136,000. SG Americas Securities LLC purchased a new position in shares of MYR Group in the 2nd quarter worth about $150,000. Strs Ohio boosted its holdings in shares of MYR Group by 248.4% in the 3rd quarter. Strs Ohio now owns 5,574 shares of the utilities provider’s stock worth $181,000 after purchasing an additional 3,974 shares in the last quarter. Alambic Investment Management L.P. purchased a new position in shares of MYR Group in the 2nd quarter worth about $209,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of MYR Group by 17,225.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 6,029 shares in the last quarter. Hedge funds and other institutional investors own 88.01% of the company’s stock.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility and the renewable energy industries.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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