MYR Group (MYRG) Rating Lowered to Hold at Zacks Investment Research

MYR Group (NASDAQ:MYRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Zacks.com reports.

According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “

A number of other equities analysts have also recently commented on the stock. BidaskClub upgraded shares of MYR Group from a “hold” rating to a “buy” rating in a research report on Friday, February 15th. Robert W. Baird set a $34.00 target price on shares of MYR Group and gave the stock a “hold” rating in a research report on Thursday, March 7th. Stifel Nicolaus upgraded shares of MYR Group from a “hold” rating to a “buy” rating and lifted their target price for the stock from $32.00 to $39.00 in a research report on Thursday, May 16th. Finally, ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $37.25.

Shares of NASDAQ:MYRG opened at $32.29 on Friday. The firm has a market capitalization of $536.01 million, a P/E ratio of 17.27 and a beta of 0.64. MYR Group has a 52 week low of $26.24 and a 52 week high of $40.81. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 1.72.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.05. The company had revenue of $468.10 million for the quarter, compared to analysts’ expectations of $395.83 million. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The firm’s revenue was up 35.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS. As a group, equities analysts forecast that MYR Group will post 2.36 earnings per share for the current fiscal year.

In other MYR Group news, SVP Gerald B. Jr. Engen sold 2,877 shares of the business’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $36.52, for a total value of $105,068.04. Following the transaction, the senior vice president now owns 48,736 shares in the company, valued at $1,779,838.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gary Ronald Johnson sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $36.00, for a total transaction of $72,000.00. Following the completion of the transaction, the director now owns 21,424 shares in the company, valued at approximately $771,264. The disclosure for this sale can be found here. 4.50% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new position in shares of MYR Group in the first quarter valued at about $180,000. Marshall Wace LLP purchased a new position in shares of MYR Group in the first quarter valued at about $1,973,000. Hotchkis & Wiley Capital Management LLC increased its position in shares of MYR Group by 29.1% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 131,916 shares of the utilities provider’s stock valued at $4,568,000 after acquiring an additional 29,700 shares during the period. Morgan Stanley increased its position in shares of MYR Group by 42.7% in the first quarter. Morgan Stanley now owns 36,901 shares of the utilities provider’s stock valued at $1,277,000 after acquiring an additional 11,047 shares during the period. Finally, Metropolitan Life Insurance Co NY increased its position in shares of MYR Group by 199.7% in the first quarter. Metropolitan Life Insurance Co NY now owns 17,532 shares of the utilities provider’s stock valued at $1,446,000 after acquiring an additional 11,682 shares during the period. Hedge funds and other institutional investors own 89.56% 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 industry.

Further Reading: Overbought

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