Zacks Investment Research Downgrades MYR Group (NASDAQ:MYRG) to Hold

MYR Group (NASDAQ:MYRG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday, Zacks.com reports.

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. “

MYRG has been the subject of a number of other reports. ValuEngine lowered MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. BidaskClub lowered MYR Group from a “hold” rating to a “sell” rating in a report on Thursday, May 9th. Stifel Nicolaus upgraded MYR Group from a “hold” rating to a “buy” rating and lifted their target price for the company from $32.00 to $39.00 in a report on Thursday, May 16th. Finally, Robert W. Baird set a $34.00 price target on MYR Group and gave the stock a “hold” rating in a report on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. MYR Group currently has a consensus rating of “Hold” and a consensus price target of $38.00.

MYRG opened at $36.24 on Friday. MYR Group has a 52 week low of $26.24 and a 52 week high of $39.60. The firm has a market cap of $601.58 million, a PE ratio of 19.38 and a beta of 0.70. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.32.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.39 by $0.05. The business had revenue of $468.10 million during the quarter, compared to analyst estimates of $395.83 million. MYR Group had a return on equity of 10.32% and a net margin of 1.98%. The company’s quarterly revenue was up 35.4% on a year-over-year basis. During the same period last year, the business posted $0.34 earnings per share. Equities research analysts predict that MYR Group will post 2.36 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently made changes to their positions in MYRG. BNP Paribas Arbitrage SA lifted its holdings in MYR Group by 698.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,360 shares of the utilities provider’s stock worth $116,000 after buying an additional 2,939 shares during the last quarter. Metropolitan Life Insurance Co. NY lifted its holdings in MYR Group by 472.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after buying an additional 4,828 shares during the last quarter. Oregon Public Employees Retirement Fund purchased a new stake in MYR Group during the 4th quarter worth about $177,000. Bank of Montreal Can lifted its holdings in MYR Group by 386.6% during the 1st quarter. Bank of Montreal Can now owns 5,168 shares of the utilities provider’s stock worth $179,000 after buying an additional 4,106 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new stake in MYR Group during the 1st quarter worth about $180,000. 89.56% of the stock is 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.

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