Zacks Investment Research Lowers MYR Group (MYRG) to Hold

Zacks Investment Research lowered shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a hold rating in a report published on Thursday, March 15th.

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. “

How to Become a New Pot Stock Millionaire

MYRG has been the subject of several other research reports. B. Riley boosted their price target on shares of MYR Group from $28.00 to $35.00 and gave the company a neutral rating in a report on Thursday, November 16th. TheStreet raised shares of MYR Group from a c+ rating to a b- rating in a research report on Thursday, November 16th. Canaccord Genuity boosted their price objective on shares of MYR Group from $35.00 to $42.00 and gave the company a buy rating in a research report on Friday, March 9th. KeyCorp reissued a hold rating on shares of MYR Group in a research report on Friday, November 24th. Finally, BidaskClub cut shares of MYR Group from a hold rating to a sell rating in a research report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $36.00.

Shares of NASDAQ:MYRG traded down $0.81 during trading on Thursday, reaching $30.58. The stock had a trading volume of 36,903 shares, compared to its average volume of 91,539. MYR Group has a 52 week low of $23.00 and a 52 week high of $43.49. The company has a current ratio of 2.01, a quick ratio of 2.01 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $503.56, a P/E ratio of 37.75 and a beta of 0.46.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.01. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The business had revenue of $373.50 million during the quarter, compared to analyst estimates of $373.85 million. During the same quarter last year, the business posted $0.48 earnings per share. MYR Group’s revenue for the quarter was up 8.7% compared to the same quarter last year. analysts forecast that MYR Group will post 1.94 EPS for the current fiscal year.

In related news, Chairman William A. Koertner sold 20,978 shares of the company’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $35.18, for a total value of $738,006.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.90% of the stock is currently owned by corporate insiders.

Several large investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of MYR Group by 2.1% during the 4th quarter. BlackRock Inc. now owns 2,163,292 shares of the utilities provider’s stock worth $77,295,000 after purchasing an additional 45,478 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of MYR Group by 8.7% during the 4th quarter. Macquarie Group Ltd. now owns 939,473 shares of the utilities provider’s stock worth $33,567,000 after acquiring an additional 74,981 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of MYR Group by 599.7% during the 4th quarter. Victory Capital Management Inc. now owns 840,577 shares of the utilities provider’s stock worth $30,034,000 after acquiring an additional 720,441 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of MYR Group by 2,066.2% during the 4th quarter. Alliancebernstein L.P. now owns 532,336 shares of the utilities provider’s stock worth $19,020,000 after acquiring an additional 507,761 shares during the period. Finally, Thomson Horstmann & Bryant Inc. lifted its holdings in shares of MYR Group by 13.8% during the 4th quarter. Thomson Horstmann & Bryant Inc. now owns 344,357 shares of the utilities provider’s stock worth $12,303,000 after acquiring an additional 41,659 shares during the period. Hedge funds and other institutional investors own 89.43% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece of content on another site, it was illegally stolen and reposted in violation of US & international copyright & trademark legislation. The original version of this piece of content can be viewed at https://www.dispatchtribunal.com/2018/04/08/myr-group-myrg-stock-rating-lowered-by-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on MYR Group (MYRG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply