BidaskClub Upgrades MYR Group (MYRG) to “Hold”

BidaskClub upgraded shares of MYR Group (NASDAQ:MYRG) from a sell rating to a hold rating in a research report released on Tuesday morning.

A number of other analysts also recently issued reports on MYRG. ValuEngine downgraded shares of MYR Group from a buy rating to a hold rating in a report on Friday, June 15th. Stifel Nicolaus increased their price target on shares of MYR Group from $37.00 to $41.00 and gave the stock a hold rating in a report on Tuesday, July 10th. Robert W. Baird reissued a buy rating and set a $39.00 price target on shares of MYR Group in a report on Thursday, August 2nd. Finally, B. Riley lowered their price target on shares of MYR Group from $40.00 to $39.00 and set a neutral rating on the stock in a report on Tuesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the company’s stock. MYR Group currently has an average rating of Hold and an average target price of $40.60.

Shares of NASDAQ:MYRG traded down $0.63 during midday trading on Tuesday, reaching $31.98. The company’s stock had a trading volume of 47,336 shares, compared to its average volume of 88,710. The firm has a market capitalization of $540.70 million, a P/E ratio of 39.48 and a beta of 0.48. MYR Group has a twelve month low of $28.93 and a twelve month high of $40.81. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.86 and a quick ratio of 1.86.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 1st. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. MYR Group had a net margin of 2.18% and a return on equity of 7.81%. The firm had revenue of $339.68 million for the quarter, compared to the consensus estimate of $364.65 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The firm’s quarterly revenue was down 4.6% compared to the same quarter last year. Equities analysts anticipate that MYR Group will post 1.86 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC purchased a new stake in MYR Group during the second quarter worth $136,000. SG Americas Securities LLC purchased a new stake in MYR Group during the second quarter worth $150,000. Alambic Investment Management L.P. purchased a new position in MYR Group during the second quarter valued at $209,000. Meeder Asset Management Inc. lifted its holdings in MYR Group by 17,225.7% during the second quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock valued at $215,000 after purchasing an additional 6,029 shares in the last quarter. Finally, Hartford Investment Management Co. purchased a new position in MYR Group during the second quarter valued at $241,000. 87.67% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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