Zacks Investment Research Upgrades MYR Group (MYRG) to Hold

MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

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. “

MYRG has been the subject of several other research reports. BidaskClub raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Tuesday, October 9th. Robert W. Baird reaffirmed a “buy” rating and issued a $39.00 target price on shares of MYR Group in a research note on Thursday, August 2nd. Stifel Nicolaus increased their price objective on shares of MYR Group from $37.00 to $41.00 and gave the stock a “hold” rating in a research report on Tuesday, July 10th. Finally, B. Riley lowered their price objective on shares of MYR Group from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, August 7th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $40.60.

Shares of NASDAQ:MYRG opened at $32.40 on Wednesday. MYR Group has a 52 week low of $28.93 and a 52 week high of $40.81. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.20. The company has a market capitalization of $537.39 million, a price-to-earnings ratio of 40.00 and a beta of 0.47.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, August 1st. The utilities provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.03. MYR Group had a net margin of 2.18% and a return on equity of 7.81%. The firm had revenue of $339.68 million during the quarter, compared to the consensus estimate of $364.65 million. During the same quarter in the prior year, the firm earned $0.07 earnings per share. The business’s quarterly revenue was down 4.6% on a year-over-year basis. On average, research analysts anticipate that MYR Group will post 1.86 EPS for the current year.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of MYR Group by 9.1% during the second quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after acquiring an additional 200,044 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of MYR Group by 7.6% during the second quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock worth $45,673,000 after acquiring an additional 91,219 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of MYR Group by 11.8% during the second quarter. Macquarie Group Ltd. now owns 1,119,841 shares of the utilities provider’s stock worth $39,710,000 after acquiring an additional 117,864 shares in the last quarter. Third Avenue Management LLC increased its position in shares of MYR Group by 14.9% during the second quarter. Third Avenue Management LLC now owns 283,548 shares of the utilities provider’s stock worth $10,055,000 after acquiring an additional 36,724 shares in the last quarter. Finally, Northern Trust Corp increased its position in shares of MYR Group by 5.8% during the second quarter. Northern Trust Corp now owns 225,540 shares of the utilities provider’s stock worth $7,998,000 after acquiring an additional 12,393 shares in the last quarter. 87.67% of the stock is owned by institutional investors.

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 and the renewable energy industries.

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