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

by · The Cerbat Gem

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 report issued on Saturday.

MYRG has been the subject of several other research reports. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. The Goldman Sachs Group boosted their target price on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Jefferies Financial Group began coverage on shares of MYR Group in a report on Friday, August 15th. They set a “hold” rating and a $202.00 price target on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 8th. Finally, Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $201.67.

Read Our Latest Research Report on MYR Group

MYR Group Trading Down 3.5%

NASDAQ:MYRG opened at $218.40 on Friday. The company’s 50 day moving average price is $218.02 and its 200-day moving average price is $194.97. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 35.28 and a beta of 1.20.

MYR Group (NASDAQ:MYRG – Get Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.65 EPS. On average, equities research analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Several institutional investors and hedge funds have recently bought and sold shares of MYRG. Vanguard Group Inc. increased its position in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after buying an additional 157,157 shares in the last quarter. Wellington Management Group LLP increased its holdings in MYR Group by 69.2% in the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after acquiring an additional 255,493 shares in the last quarter. Fisher Asset Management LLC increased its holdings in MYR Group by 0.9% in the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after acquiring an additional 4,203 shares in the last quarter. Principal Financial Group Inc. raised its stake in MYR Group by 1.2% during the 3rd quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock worth $79,117,000 after acquiring an additional 4,353 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after purchasing an additional 172,962 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Company Profile

(Get Free Report)

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 industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.

See Also