Zacks Investment Research cut shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a research note issued to investors on Saturday.
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 recently issued reports on MYRG. BidaskClub upgraded shares of MYR Group from a strong sell rating to a sell rating in a report on Saturday, September 29th. Robert W. Baird cut shares of MYR Group from an outperform rating to a neutral rating in a report on Friday, August 3rd. B. Riley decreased their price objective on shares of MYR Group from $40.00 to $39.00 and set a neutral rating for the company in a report on Tuesday, August 7th. Finally, Stifel Nicolaus increased their price objective on shares of MYR Group from $37.00 to $41.00 and gave the company a hold rating in a report on Tuesday, July 10th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $40.00.
NASDAQ MYRG opened at $34.18 on Friday. 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 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $548.62 million, a price-to-earnings ratio of 42.20 and a beta of 0.35.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The firm had revenue of $399.50 million during the quarter, compared to the consensus estimate of $404.01 million. During the same quarter last year, the company posted $0.31 EPS. MYR Group’s revenue for the quarter was up 6.4% on a year-over-year basis. As a group, equities analysts expect that MYR Group will post 1.75 earnings per share for the current year.
Several institutional investors have recently bought and sold shares of the company. Sheets Smith Wealth Management boosted its holdings in shares of MYR Group by 11.6% in the second quarter. Sheets Smith Wealth Management now owns 13,655 shares of the utilities provider’s stock valued at $484,000 after acquiring an additional 1,421 shares in the last quarter. Paloma Partners Management Co lifted its stake in MYR Group by 16.2% during the second quarter. Paloma Partners Management Co now owns 11,100 shares of the utilities provider’s stock valued at $394,000 after purchasing an additional 1,545 shares during the last quarter. Global X Management Co LLC lifted its stake in MYR Group by 19.1% during the second quarter. Global X Management Co LLC now owns 10,135 shares of the utilities provider’s stock valued at $359,000 after purchasing an additional 1,623 shares during the last quarter. Legal & General Group Plc lifted its stake in MYR Group by 6.9% during the second quarter. Legal & General Group Plc now owns 32,582 shares of the utilities provider’s stock valued at $1,151,000 after purchasing an additional 2,105 shares during the last quarter. Finally, Stone Ridge Asset Management LLC lifted its stake in MYR Group by 23.6% during the third quarter. Stone Ridge Asset Management LLC now owns 15,240 shares of the utilities provider’s stock valued at $497,000 after purchasing an additional 2,908 shares during the last quarter. Institutional investors and hedge funds own 87.29% of the company’s stock.
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.
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