Zacks Research Upgrades MYR Group (NASDAQ:MYRG) to “Strong-Buy”

MYR Group (NASDAQ:MYRG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Tuesday, Zacks reports.

Several other equities research analysts have also recently weighed in on MYRG. Robert W. Baird set a $363.00 target price on shares of MYR Group in a research note on Thursday, October 29th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Weiss Ratings cut MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $361.00 price target for the company in a report on Thursday. Finally, Stifel Nicolaus reduced their price objective on MYR Group from $445.00 to $393.00 and set a “buy” rating for the company in a research report on Thursday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $397.00.

MYR Group Stock Down 9.5%

Shares of MYRG stock opened at $263.89 on Tuesday. MYR Group has a 12 month low of $199.30 and a 12 month high of $503.57. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.24. The firm has a market cap of $4.11 billion, a PE ratio of 21.44 and a beta of 1.36. The stock has a 50 day moving average of $287.92 and a 200-day moving average of $334.06.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.85. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter last year, the company posted $2.05 earnings per share. MYR Group’s quarterly revenue was up 32.5% on a year-over-year basis. On average, equities analysts predict that MYR Group will post 13.25 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its stake in shares of MYR Group by 66.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,248 shares of the utilities provider’s stock valued at $4,245,000 after purchasing an additional 5,710 shares during the period. Ethic Inc. boosted its stake in MYR Group by 225.3% in the 3rd quarter. Ethic Inc. now owns 4,144 shares of the utilities provider’s stock valued at $1,212,000 after buying an additional 2,870 shares in the last quarter. Abacus Wealth Partners LLC boosted its stake in MYR Group by 3.4% in the 3rd quarter. Abacus Wealth Partners LLC now owns 2,020 shares of the utilities provider’s stock valued at $591,000 after buying an additional 67 shares in the last quarter. Alps Advisors Inc. grew its position in MYR Group by 104.1% in the third quarter. Alps Advisors Inc. now owns 8,148 shares of the utilities provider’s stock valued at $2,383,000 after acquiring an additional 4,155 shares during the period. Finally, Commonwealth Equity Services LLC grew its position in MYR Group by 34.7% in the third quarter. Commonwealth Equity Services LLC now owns 2,075 shares of the utilities provider’s stock valued at $607,000 after acquiring an additional 534 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.