MYR Group (NASDAQ:MYRG) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

MYR Group (NASDAQ:MYRG – Get Free Report) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Sunday.

A number of other brokerages have also weighed in on MYRG. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research note on Wednesday, October 8th. The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. Jefferies Financial Group initiated coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 target price on the stock. Stifel Nicolaus lifted their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Finally, KeyCorp reissued a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, MYR Group has a consensus rating of “Hold” and a consensus target price of $194.50.

Read Our Latest Stock Analysis on MYR Group

MYR Group Stock Performance

NASDAQ MYRG opened at $232.17 on Friday. The company’s 50 day simple moving average is $200.97 and its two-hundred day simple moving average is $183.23. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group has a 1 year low of $97.72 and a 1 year high of $241.13. The stock has a market capitalization of $3.60 billion, a PE ratio of 37.51 and a beta of 1.24.

MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. The firm had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. During the same period in the previous year, the business earned $0.65 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In other news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

A number of large investors have recently bought and sold shares of the stock. TD Asset Management Inc bought a new stake in MYR Group in the third quarter valued at approximately $685,000. Dana Investment Advisors Inc. increased its stake in shares of MYR Group by 3.1% in the third quarter. Dana Investment Advisors Inc. now owns 9,801 shares of the utilities provider’s stock worth $2,039,000 after buying an additional 299 shares during the period. OneDigital Investment Advisors LLC bought a new stake in MYR Group during the 3rd quarter valued at $215,000. Citigroup Inc. boosted its position in MYR Group by 66.3% during the 3rd quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after buying an additional 9,911 shares during the period. Finally, Towle & Co. purchased a new stake in MYR Group during the 3rd quarter valued at $8,314,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Company Profile

(Get Free Report)

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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.

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