Zacks Investment Research upgraded shares of MYR Group, Inc. (NASDAQ:MYRG) from a strong sell rating to a hold rating in a research report released on Wednesday.
According to Zacks, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure. “
Several other research analysts have also commented on MYRG. Canaccord Genuity cut their price objective on MYR Group from $47.00 to $35.00 and set a buy rating on the stock in a research report on Friday, August 4th. FBR & Co cut their price objective on MYR Group from $37.00 to $28.00 and set a market perform rating on the stock in a research report on Friday, August 18th. Stifel Nicolaus reissued a hold rating and issued a $36.00 price objective on shares of MYR Group in a research report on Tuesday, August 29th. Robert W. Baird reissued a buy rating and issued a $34.00 price objective on shares of MYR Group in a research report on Tuesday, September 5th. Finally, KeyCorp reissued a hold rating on shares of MYR Group in a research report on Friday, September 8th. Six equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $31.75.
MYR Group (NASDAQ MYRG) traded down $1.19 during trading hours on Wednesday, reaching $33.59. The company’s stock had a trading volume of 115,900 shares, compared to its average volume of 138,350. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. MYR Group has a one year low of $23.00 and a one year high of $43.77. The stock has a market capitalization of $552.96, a price-to-earnings ratio of 36.12 and a beta of 0.43.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The company had revenue of $373.50 million during the quarter, compared to analysts’ expectations of $350.80 million. During the same period last year, the business earned $0.38 earnings per share. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. research analysts predict that MYR Group will post 0.82 EPS for the current fiscal year.
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MYR Group announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 2nd that allows the company to buyback $20.00 million in shares. This buyback authorization allows the utilities provider to purchase up to 3.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors have recently made changes to their positions in the company. Louisiana State Employees Retirement System grew its stake in shares of MYR Group by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock valued at $208,000 after acquiring an additional 200 shares in the last quarter. Arizona State Retirement System grew its stake in shares of MYR Group by 2.4% during the second quarter. Arizona State Retirement System now owns 8,559 shares of the utilities provider’s stock valued at $266,000 after acquiring an additional 200 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of MYR Group by 4.2% during the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 217 shares in the last quarter. Texas Permanent School Fund grew its stake in shares of MYR Group by 3.4% during the second quarter. Texas Permanent School Fund now owns 12,028 shares of the utilities provider’s stock valued at $373,000 after acquiring an additional 397 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in shares of MYR Group by 1.6% during the first quarter. Legal & General Group Plc now owns 26,474 shares of the utilities provider’s stock valued at $1,086,000 after acquiring an additional 405 shares in the last quarter. Institutional investors own 87.57% of the company’s stock.
About MYR Group
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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