Zacks Investment Research lowered shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a hold rating in a report issued on Thursday.
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. “
Several other research analysts have also commented on the stock. Canaccord Genuity raised their price target on shares of MYR Group from $35.00 to $42.00 and gave the company a buy rating in a report on Friday, March 9th. Robert W. Baird restated an outperform rating on shares of MYR Group in a report on Thursday, March 8th. BidaskClub lowered shares of MYR Group from a hold rating to a sell rating in a report on Wednesday, February 28th. ValuEngine lowered shares of MYR Group from a hold rating to a sell rating in a research note on Friday, February 2nd. Finally, KeyCorp reiterated a hold rating on shares of MYR Group in a research note on Friday, November 24th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $36.00.
MYR Group (NASDAQ:MYRG) opened at $35.20 on Thursday. MYR Group has a 1-year low of $23.00 and a 1-year high of $43.49. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.01 and a quick ratio of 2.01. The company has a market cap of $579.64, a P/E ratio of 44.00 and a beta of 0.45.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, March 7th. The utilities provider reported $0.35 EPS for the quarter, beating the Thomson Reuters’ 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 last year, the firm posted $0.48 earnings per share. MYR Group’s revenue for the quarter was up 8.7% compared to the same quarter last year. equities analysts expect that MYR Group will post 1.88 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of MYR Group by 11.4% during the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock valued at $258,000 after purchasing an additional 852 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of MYR Group by 14.0% during the second quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock valued at $413,000 after purchasing an additional 1,631 shares during the period. California Public Employees Retirement System raised its stake in shares of MYR Group by 4.6% during the fourth quarter. California Public Employees Retirement System now owns 44,951 shares of the utilities provider’s stock valued at $1,606,000 after purchasing an additional 1,997 shares during the period. US Bancorp DE raised its stake in shares of MYR Group by 9.8% during the fourth quarter. US Bancorp DE now owns 23,008 shares of the utilities provider’s stock valued at $822,000 after purchasing an additional 2,049 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of MYR Group by 40.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock valued at $234,000 after purchasing an additional 2,290 shares during the period. Institutional investors own 89.25% of the company’s stock.
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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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