MYR Group (NASDAQ:MYRG) Rating Lowered to Hold at Zacks Investment Research

MYR Group (NASDAQ:MYRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday, 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. “

A number of other research analysts have also weighed in on MYRG. Stifel Nicolaus set a $26.00 price objective on shares of Air Transport Services Group and gave the company a “buy” rating in a research note on Thursday, May 16th. ValuEngine upgraded shares of Vermillion from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Finally, BidaskClub upgraded shares of Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $38.25.

MYR Group stock traded up $0.01 during mid-day trading on Wednesday, reaching $36.30. The company’s stock had a trading volume of 27,038 shares, compared to its average volume of 55,042. MYR Group has a 12-month low of $26.24 and a 12-month high of $39.60. The firm has a market cap of $602.41 million, a P/E ratio of 19.41 and a beta of 0.79. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.32. The stock has a fifty day moving average of $35.28.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The business had revenue of $468.10 million during the quarter, compared to analyst estimates of $395.83 million. During the same period in the previous year, the business earned $0.34 EPS. MYR Group’s revenue was up 35.4% compared to the same quarter last year. Equities analysts expect that MYR Group will post 2.38 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA grew its position in shares of MYR Group by 698.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock valued at $116,000 after purchasing an additional 2,939 shares in the last quarter. Bank of Montreal Can grew its position in shares of MYR Group by 386.6% during the 1st quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock valued at $179,000 after purchasing an additional 4,106 shares in the last quarter. Marshall Wace North America L.P. purchased a new position in shares of MYR Group during the 1st quarter valued at $180,000. Metropolitan Life Insurance Co. NY grew its position in shares of MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock valued at $165,000 after purchasing an additional 4,828 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new position in shares of MYR Group during the 1st quarter valued at $215,000. Hedge funds and other institutional investors own 89.57% 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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