MYR Group (NASDAQ:MYRG) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday, September 11th.
A number of other equities analysts have also recently commented on MYRG. ValuEngine raised MYR Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. Zacks Investment Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 31st. Stifel Nicolaus lifted their price target on MYR Group from $37.00 to $41.00 and gave the stock a “hold” rating in a research note on Tuesday, July 10th. Robert W. Baird reissued a “buy” rating and set a $39.00 target price on shares of MYR Group in a research note on Thursday, August 2nd. Finally, B. Riley reduced their target price on MYR Group from $40.00 to $39.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $40.60.
NASDAQ:MYRG traded up $0.15 during mid-day trading on Tuesday, reaching $32.83. The stock had a trading volume of 58,314 shares, compared to its average volume of 88,888. The company has a market capitalization of $540.70 million, a price-to-earnings ratio of 40.53 and a beta of 0.48. MYR Group has a one year low of $28.93 and a one year high of $40.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.86 and a quick ratio of 1.86.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, August 1st. The utilities provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. The company had revenue of $339.68 million during the quarter, compared to the consensus estimate of $364.65 million. MYR Group had a return on equity of 7.81% and a net margin of 2.18%. MYR Group’s quarterly revenue was down 4.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 EPS. As a group, sell-side analysts anticipate that MYR Group will post 1.86 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC bought a new stake in MYR Group in the second quarter worth $136,000. SG Americas Securities LLC bought a new stake in MYR Group in the second quarter worth $150,000. Alambic Investment Management L.P. bought a new stake in MYR Group in the second quarter worth $209,000. Meeder Asset Management Inc. boosted its holdings in MYR Group by 17,225.7% in the second quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock worth $215,000 after acquiring an additional 6,029 shares in the last quarter. Finally, Hartford Investment Management Co. bought a new position in shares of MYR Group during the second quarter valued at $241,000. 87.67% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Company Profile
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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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