MYR Group (NASDAQ:MYRG) Raised to “Hold” at Zacks Investment Research

MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday, 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. “

Other analysts have also recently issued research reports about the stock. B. Riley cut their price objective on shares of MYR Group from $39.00 to $34.00 and set a “neutral” rating on the stock in a report on Friday, August 2nd. ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a report on Monday, November 11th. Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $35.00 to $36.00 in a report on Wednesday, September 11th. Finally, BidaskClub raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $37.50.

NASDAQ MYRG traded down $0.21 on Friday, reaching $34.63. The company had a trading volume of 58,900 shares, compared to its average volume of 80,162. MYR Group has a 12 month low of $26.24 and a 12 month high of $38.14. The firm’s 50 day moving average price is $32.42 and its 200 day moving average price is $32.90. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $580.01 million, a PE ratio of 18.52 and a beta of 0.92.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.04. MYR Group had a net margin of 1.83% and a return on equity of 10.57%. The company had revenue of $583.21 million during the quarter, compared to the consensus estimate of $503.87 million. During the same quarter in the previous year, the firm earned $0.48 earnings per share. The firm’s quarterly revenue was up 46.0% on a year-over-year basis. On average, research analysts expect that MYR Group will post 2.05 EPS for the current year.

In other MYR Group news, Director William A. Koertner sold 1,353 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $35.02, for a total transaction of $47,382.06. Following the sale, the director now owns 305,056 shares of the company’s stock, valued at $10,683,061.12. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William A. Koertner sold 4,241 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $35.07, for a total transaction of $148,731.87. Following the sale, the director now directly owns 309,834 shares in the company, valued at approximately $10,865,878.38. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,980 shares of company stock worth $209,388. 4.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Bessemer Group Inc. increased its holdings in shares of MYR Group by 24.5% in the 2nd quarter. Bessemer Group Inc. now owns 47,300 shares of the utilities provider’s stock valued at $1,767,000 after acquiring an additional 9,300 shares during the period. Strs Ohio increased its holdings in shares of MYR Group by 3.9% in the 2nd quarter. Strs Ohio now owns 18,800 shares of the utilities provider’s stock valued at $702,000 after acquiring an additional 700 shares during the period. Rothschild & Co. Asset Management US Inc. acquired a new position in shares of MYR Group in the 2nd quarter valued at $3,231,000. Bowling Portfolio Management LLC acquired a new position in shares of MYR Group in the 2nd quarter valued at $203,000. Finally, Optimum Investment Advisors acquired a new position in shares of MYR Group in the 2nd quarter valued at $37,000. 90.64% of the stock is currently owned by institutional investors.

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.

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