MYR Group (MYRG) Stock Rating Lowered by BidaskClub

BidaskClub lowered shares of MYR Group (NASDAQ:MYRG) from a sell rating to a strong sell rating in a report issued on Wednesday, BidAskClub reports.

A number of other research analysts also recently commented on the company. Robert W. Baird set a $34.00 price target on MYR Group and gave the company a hold rating in a research note on Thursday, March 7th. Zacks Investment Research raised MYR Group from a hold rating to a buy rating and set a $39.00 price target for the company in a research note on Saturday, March 9th. Stifel Nicolaus raised MYR Group from a hold rating to a buy rating and boosted their price target for the company from $32.00 to $39.00 in a research note on Thursday, May 16th. Finally, ValuEngine cut MYR Group from a hold rating to a sell rating in a research report on Wednesday, May 15th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. MYR Group currently has an average rating of Hold and a consensus price target of $37.75.

MYRG stock opened at $34.04 on Wednesday. The stock has a market capitalization of $566.88 million, a P/E ratio of 17.33 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 current ratio of 1.72 and a quick ratio of 1.72.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.05. The business had revenue of $468.10 million during the quarter, compared to the consensus estimate of $395.83 million. MYR Group had a return on equity of 10.32% and a net margin of 1.98%. MYR Group’s revenue for the quarter was up 35.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.34 earnings per share. On average, sell-side analysts predict that MYR Group will post 2.36 earnings per share for the current fiscal year.

In other MYR Group news, Director Gary Ronald Johnson sold 2,000 shares of MYR Group stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $36.00, for a total value of $72,000.00. Following the transaction, the director now owns 21,424 shares in the company, valued at $771,264. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Gerald B. Jr. Engen sold 2,877 shares of MYR Group 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 completion of the transaction, the senior vice president now owns 48,736 shares in the company, valued at approximately $1,779,838.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,483 shares of company stock worth $268,382. Company insiders own 4.50% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Comerica Bank grew its position in MYR Group by 2.3% in the first quarter. Comerica Bank now owns 16,359 shares of the utilities provider’s stock valued at $594,000 after acquiring an additional 363 shares during the last quarter. Texas Permanent School Fund grew its position in MYR Group by 3.8% in the first quarter. Texas Permanent School Fund now owns 11,247 shares of the utilities provider’s stock valued at $389,000 after acquiring an additional 407 shares during the last quarter. Barclays PLC grew its position in MYR Group by 2.5% in the fourth quarter. Barclays PLC now owns 19,273 shares of the utilities provider’s stock valued at $543,000 after acquiring an additional 470 shares during the last quarter. Principal Financial Group Inc. grew its position in MYR Group by 0.5% in the fourth quarter. Principal Financial Group Inc. now owns 134,482 shares of the utilities provider’s stock valued at $3,788,000 after acquiring an additional 722 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of MYR Group by 0.4% during the first quarter. Northern Trust Corp now owns 229,817 shares of the utilities provider’s stock worth $7,960,000 after purchasing an additional 852 shares during the last quarter. Hedge funds and other institutional investors own 88.65% 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.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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