MYR Group (NASDAQ:MYRG) Rating Lowered to “Buy” at Wall Street Zen

by · The Markets Daily

MYR Group (NASDAQ:MYRG – Get Free Report) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Saturday.

Several other brokerages have also issued reports on MYRG. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $451.20.

Check Out Our Latest Stock Report on MYR Group

MYR Group Price Performance

Shares of MYRG opened at $294.42 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The stock has a market capitalization of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. The company has a 50 day moving average of $380.81 and a 200-day moving average of $360.30.

MYR Group (NASDAQ:MYRG – Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. During the same quarter in the previous year, the firm posted $1.70 earnings per share. The firm’s revenue for the quarter was up 20.1% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group will post 12.43 EPS for the current fiscal year.

Insider Activity at MYR Group

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kilter Group LLC acquired a new stake in shares of MYR Group during the 2nd quarter worth about $25,000. Global Retirement Partners LLC bought a new stake in shares of MYR Group during the 2nd quarter worth about $30,000. Carolina Wealth Advisors LLC acquired a new position in MYR Group in the 2nd quarter valued at about $30,000. Allworth Financial LP acquired a new position in MYR Group in the 2nd quarter valued at about $40,000. Finally, Fiduciary Financial Advisors acquired a new position in MYR Group in the 2nd quarter valued at about $51,000. 88.90% of the stock is owned by institutional investors.

About MYR Group

(Get Free Report)

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

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