MYR Group (NASDAQ:MYRG) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen lowered shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a research note released on Sunday morning.

A number of other brokerages also recently weighed in on MYRG. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research report on Wednesday, October 8th. Jefferies Financial Group began coverage on MYR Group in a report on Friday, August 15th. They set a “hold” rating and a $202.00 price target on the stock. The Goldman Sachs Group raised their price target on MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday, August 7th. Stifel Nicolaus upped their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $194.50.

MYR Group Stock Down 0.6%

Shares of MYR Group stock traded down $1.31 on Friday, reaching $232.17. The company’s stock had a trading volume of 215,410 shares, compared to its average volume of 219,438. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13. The firm’s fifty day simple moving average is $200.08 and its two-hundred day simple moving average is $182.45. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 37.51 and a beta of 1.24.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The company had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same period last year, the company earned $0.65 EPS. MYR Group’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts anticipate that MYR Group will post 1.16 earnings per share for the current year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred 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 sale, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently modified their holdings of the company. Maseco LLP bought a new position in MYR Group in the 2nd quarter worth $28,000. Salomon & Ludwin LLC purchased a new position in shares of MYR Group in the third quarter valued at about $34,000. MAI Capital Management boosted its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of MYR Group in the second quarter worth about $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of MYR Group during the second quarter worth about $34,000. 88.90% of the stock is currently owned by institutional investors.

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 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.