MYR Group (NASDAQ:MYRG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks.com reports.

Several other brokerages also recently commented on MYRG. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 17th. Stifel Nicolaus raised their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. The Goldman Sachs Group boosted their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.67.

MYR Group Price Performance

NASDAQ:MYRG traded down $0.48 during trading hours on Monday, reaching $217.08. 51,112 shares of the company’s stock were exchanged, compared to its average volume of 220,613. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $3.37 billion, a P/E ratio of 35.06 and a beta of 1.20. MYR Group has a 12 month low of $97.72 and a 12 month high of $241.13. The business’s 50-day simple moving average is $213.85 and its two-hundred day simple moving average is $191.25.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 EPS. Sell-side analysts expect that MYR Group will post 1.16 EPS for the current fiscal year.

Insider Activity at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently modified their holdings of MYRG. Maseco LLP acquired a new stake in MYR Group during the second quarter valued at $28,000. Salomon & Ludwin LLC acquired a new position in MYR Group in the 3rd quarter worth about $34,000. MAI Capital Management increased its position in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth about $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of MYR Group in the 2nd quarter valued at approximately $34,000. 88.90% of the stock is owned by institutional investors and hedge funds.

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 industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.