Several other brokerages also recently issued reports on MYRG. Stifel Nicolaus raised shares of MYR Group from a hold rating to a buy rating and raised their price objective for the stock from $32.00 to $39.00 in a research note on Thursday, May 16th. BidaskClub raised shares of MYR Group from a sell rating to a hold rating in a research note on Friday, June 28th. Finally, Zacks Investment Research downgraded shares of MYR Group from a buy rating to a hold rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. MYR Group currently has a consensus rating of Hold and a consensus price target of $37.00.
MYRG traded down $0.25 on Thursday, hitting $31.50. The company had a trading volume of 80,490 shares, compared to its average volume of 45,237. The firm has a market cap of $599.58 million, a P/E ratio of 16.84 and a beta of 0.79. MYR Group has a 12-month low of $26.24 and a 12-month high of $39.60. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.72 and a current ratio of 1.72. The company’s fifty day moving average is $36.22.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Optimum Investment Advisors bought a new stake in MYR Group in the second quarter worth about $37,000. Hillsdale Investment Management Inc. bought a new stake in MYR Group in the second quarter worth about $108,000. BNP Paribas Arbitrage SA raised its stake in shares of MYR Group by 698.1% during the first quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock valued at $116,000 after acquiring an additional 2,939 shares in the last quarter. Bank of Montreal Can raised its stake in shares of MYR Group by 386.6% during the first quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock valued at $179,000 after acquiring an additional 4,106 shares in the last quarter. Finally, Marshall Wace North America L.P. bought a new stake in shares of MYR Group during the first quarter valued at approximately $180,000. 89.58% of the stock is owned by institutional investors and hedge funds.
About MYR Group
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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