MYR Group (NASDAQ:MYRG) Cut to “Buy” at Wall Street Zen

Wall Street Zen downgraded shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Several other brokerages also recently commented on MYRG. 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 target price on the stock. Stifel Nicolaus boosted their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 8th. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.67.

MYR Group Stock Up 1.0%

MYRG opened at $220.51 on Friday. MYR Group has a 12 month low of $97.72 and a 12 month high of $241.13. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $218.44 and its 200-day moving average price is $195.41. The company has a market cap of $3.42 billion, a P/E ratio of 35.62 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.MYR Group’s revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. On average, equities analysts expect that MYR Group will post 1.16 EPS for the current year.

Insider Buying and Selling at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its stake in MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares in the last quarter. Bank of Montreal Can boosted its position in shares of MYR Group by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock worth $742,000 after purchasing an additional 56 shares in the last quarter. MAI Capital Management grew its stake in shares of 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 buying an additional 56 shares during the last quarter. Inspire Investing LLC increased its position in MYR Group by 2.6% during the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after buying an additional 56 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC increased its position in MYR Group by 0.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock valued at $2,056,000 after buying an additional 75 shares in the last quarter. 88.90% 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; 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.