MYR Group (NASDAQ:MYRG) was upgraded by analysts at Macquarie to a “buy” rating in a research note issued to investors on Thursday.
A number of other analysts also recently commented on MYRG. BidaskClub downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Zacks Investment Research downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Robert W. Baird set a $36.00 price target on shares of MYR Group and gave the stock a “hold” rating in a research report on Thursday, November 1st. Finally, Citigroup downgraded shares of MYR Group to a “sell” rating in a research report on Monday, November 5th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $40.00.
MYRG stock opened at $28.42 on Thursday. MYR Group has a 52 week low of $28.26 and a 52 week high of $40.81. The stock has a market cap of $484.19 million, a price-to-earnings ratio of 19.10 and a beta of 0.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.69 and a current ratio of 1.69.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The company had revenue of $399.50 million for the quarter, compared to the consensus estimate of $404.01 million. During the same quarter last year, the firm posted $0.31 earnings per share. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, research analysts expect that MYR Group will post 1.74 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors LLC bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $136,000. SG Americas Securities LLC bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $150,000. Strs Ohio raised its holdings in shares of MYR Group by 248.4% in the 3rd quarter. Strs Ohio now owns 5,574 shares of the utilities provider’s stock worth $181,000 after purchasing an additional 3,974 shares in the last quarter. Alambic Investment Management L.P. bought a new stake in shares of MYR Group in the 2nd quarter worth approximately $209,000. Finally, Jefferies Group LLC bought a new stake in shares of MYR Group in the 3rd quarter worth approximately $202,000. Institutional investors and hedge funds own 89.60% of the company’s stock.
About MYR Group
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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