MYR Group Inc (MYRG) Receives Average Recommendation of “Hold” from Brokerages

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Shares of MYR Group Inc (NASDAQ:MYRG) have been given an average rating of “Hold” by the ten brokerages that are presently covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $37.00.

Several equities research analysts have issued reports on the company. Zacks Investment Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 31st. Stifel Nicolaus lifted their price target on MYR Group from $37.00 to $41.00 and gave the stock a “hold” rating in a research note on Tuesday, July 10th. ValuEngine raised MYR Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a research note on Saturday, May 12th. Finally, Robert W. Baird set a $39.00 price target on MYR Group and gave the stock a “buy” rating in a research note on Monday, April 9th.

NASDAQ:MYRG traded up $0.15 during trading hours on Friday, hitting $37.04. 105,204 shares of the company’s stock traded hands, compared to its average volume of 89,627. The firm has a market capitalization of $589.04 million, a price-to-earnings ratio of 45.73 and a beta of 0.58. MYR Group has a 52 week low of $23.00 and a 52 week high of $40.81. The company has a debt-to-equity ratio of 0.24, a quick ratio of 2.00 and a current ratio of 2.00.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, May 2nd. The utilities provider reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.17. MYR Group had a return on equity of 6.06% and a net margin of 1.77%. The firm had revenue of $345.60 million during the quarter, compared to analyst estimates of $320.64 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue was up 15.2% compared to the same quarter last year. equities analysts forecast that MYR Group will post 1.98 earnings per share for the current fiscal year.

In other MYR Group news, Director William A. Koertner sold 39,601 shares of MYR Group stock in a transaction dated Thursday, May 3rd. The stock was sold at an average price of $35.00, for a total transaction of $1,386,035.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey J. Waneka sold 993 shares of MYR Group stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $38.00, for a total value of $37,734.00. Following the completion of the transaction, the chief operating officer now owns 10,371 shares in the company, valued at approximately $394,098. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 63,194 shares of company stock valued at $2,303,576. Corporate insiders own 4.90% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of MYR Group by 2.1% in the fourth quarter. BlackRock Inc. now owns 2,163,292 shares of the utilities provider’s stock worth $77,295,000 after buying an additional 45,478 shares during the period. Rhumbline Advisers increased its holdings in shares of MYR Group by 17.5% in the fourth quarter. Rhumbline Advisers now owns 38,238 shares of the utilities provider’s stock worth $1,366,000 after buying an additional 5,688 shares during the period. California Public Employees Retirement System increased its holdings in shares of MYR Group by 4.6% in the fourth quarter. California Public Employees Retirement System now owns 44,951 shares of the utilities provider’s stock worth $1,606,000 after buying an additional 1,997 shares during the period. KBC Group NV increased its holdings in shares of MYR Group by 10.2% in the first quarter. KBC Group NV now owns 32,770 shares of the utilities provider’s stock worth $1,010,000 after buying an additional 3,020 shares during the period. Finally, Citadel Advisors LLC increased its holdings in shares of MYR Group by 22.2% in the first quarter. Citadel Advisors LLC now owns 38,010 shares of the utilities provider’s stock worth $1,171,000 after buying an additional 6,914 shares during the period. Hedge funds and other institutional investors own 89.14% 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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