Citigroup Downgrades MYR Group (MYRG) to Sell

MYR Group (NASDAQ:MYRG) was downgraded by equities researchers at Citigroup to a “sell” rating in a research note issued on Monday.

A number of other research analysts also recently commented on MYRG. Stifel Nicolaus increased their target price on MYR Group from $37.00 to $41.00 and gave the company a “hold” rating in a research report on Tuesday, July 10th. Robert W. Baird reiterated a “buy” rating and set a $39.00 target price on shares of MYR Group in a research report on Thursday, August 2nd. B. Riley lowered their target price on MYR Group from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Tuesday, August 7th. BidaskClub downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Tuesday, September 11th. Finally, Zacks Investment Research downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $40.00.

NASDAQ MYRG opened at $34.18 on Monday. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28. The company has a market cap of $548.62 million, a PE ratio of 42.20 and a beta of 0.35. MYR Group has a one year low of $28.93 and a one year high of $40.81.

MYR Group (NASDAQ:MYRG) last posted its 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). The firm had revenue of $399.50 million for the quarter, compared to the consensus estimate of $404.01 million. MYR Group had a net margin of 2.33% and a return on equity of 8.49%. The firm’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.31 earnings per share. On average, sell-side analysts expect that MYR Group will post 1.75 EPS for the current year.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in MYR Group by 9.1% during the 2nd quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock valued at $84,673,000 after buying an additional 200,044 shares during the period. Victory Capital Management Inc. raised its holdings in MYR Group by 11.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock valued at $46,769,000 after buying an additional 144,858 shares during the period. Macquarie Group Ltd. raised its holdings in MYR Group by 11.8% during the 2nd quarter. Macquarie Group Ltd. now owns 1,119,841 shares of the utilities provider’s stock valued at $39,710,000 after buying an additional 117,864 shares during the period. Third Avenue Management LLC raised its holdings in MYR Group by 14.9% during the 2nd quarter. Third Avenue Management LLC now owns 283,548 shares of the utilities provider’s stock valued at $10,055,000 after buying an additional 36,724 shares during the period. Finally, Northern Trust Corp raised its holdings in MYR Group by 5.8% during the 2nd quarter. Northern Trust Corp now owns 225,540 shares of the utilities provider’s stock valued at $7,998,000 after buying an additional 12,393 shares during the period. Institutional investors own 87.29% of the company’s stock.

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.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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