MYR Group Inc (MYRG) Given Average Recommendation of “Hold” by Analysts

MYR Group Inc (NASDAQ:MYRG) has been assigned an average rating of “Hold” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $33.50.

A number of research analysts have issued reports on the stock. BidaskClub lowered shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Zacks Investment Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday. KeyCorp restated a “hold” rating on shares of MYR Group in a research report on Friday, November 24th. Robert W. Baird restated an “outperform” rating on shares of MYR Group in a research report on Thursday, March 8th. Finally, Canaccord Genuity increased their target price on shares of MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, March 9th.

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Shares of MYR Group (MYRG) traded up $0.02 during trading hours on Friday, hitting $35.20. 229,994 shares of the company’s stock were exchanged, compared to its average volume of 73,075. MYR Group has a 1 year low of $23.00 and a 1 year high of $43.49. The firm has a market cap of $579.64, a price-to-earnings ratio of 27.72 and a beta of 0.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.01 and a current ratio of 2.01.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The firm had revenue of $373.50 million for the quarter, compared to analyst estimates of $373.85 million. During the same quarter in the prior year, the business posted $0.48 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. analysts forecast that MYR Group will post 1.88 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of MYRG. Louisiana State Employees Retirement System bought a new position in MYR Group in the 4th quarter valued at approximately $254,000. California Public Employees Retirement System raised its stake in shares of MYR Group by 9.6% during the third quarter. California Public Employees Retirement System now owns 42,954 shares of the utilities provider’s stock valued at $1,252,000 after acquiring an additional 3,754 shares during the last quarter. Keybank National Association OH bought a new position in shares of MYR Group during the fourth quarter valued at $697,000. KBC Group NV raised its stake in shares of MYR Group by 21.4% during the third quarter. KBC Group NV now owns 38,940 shares of the utilities provider’s stock valued at $1,135,000 after acquiring an additional 6,874 shares during the last quarter. Finally, Western Standard LLC bought a new position in shares of MYR Group during the third quarter valued at $393,000. 89.25% of the stock is owned by institutional investors.

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MYR Group Company Profile

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.

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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