BidaskClub downgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a research report report published on Friday morning.
A number of other research analysts have also commented on MYRG. Zacks Investment Research lowered 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 objective on shares of MYR Group and gave the company a hold rating in a research report on Thursday, November 1st. Citigroup lowered shares of MYR Group to a sell rating in a research report on Monday, November 5th. Finally, Macquarie raised shares of MYR Group to a buy rating in a research report on Thursday. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $40.00.
MYR Group stock opened at $28.42 on Friday. The firm 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 current ratio of 1.69 and a quick ratio of 1.69. MYR Group has a fifty-two week low of $28.26 and a fifty-two week high of $40.81.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.54 by ($0.06). The firm had revenue of $399.50 million for the quarter, compared to analyst estimates of $404.01 million. MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.31 EPS. Equities analysts forecast that MYR Group will post 1.74 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of MYR Group during the second quarter valued at about $150,000. Alambic Investment Management L.P. bought a new stake in MYR Group in the second quarter valued at about $209,000. Legal & General Group Plc increased its stake in MYR Group by 6.9% in the second quarter. Legal & General Group Plc now owns 32,582 shares of the utilities provider’s stock valued at $1,151,000 after acquiring an additional 2,105 shares during the period. Victory Capital Management Inc. increased its stake in MYR Group by 7.6% in the second quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock valued at $45,673,000 after acquiring an additional 91,219 shares during the period. Finally, Principal Financial Group Inc. increased its stake in MYR Group by 2.4% in the first quarter. Principal Financial Group Inc. now owns 126,178 shares of the utilities provider’s stock valued at $3,889,000 after acquiring an additional 2,990 shares during the period. 89.60% of the stock is owned by institutional investors and hedge funds.
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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