MYR Group (NASDAQ:MYRG) has been assigned a $41.00 target price by research analysts at Robert W. Baird in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the utilities provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 16.31% from the stock’s previous close.
Several other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price target on the stock in a report on Wednesday. BidaskClub lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. KeyCorp reaffirmed a “hold” rating on shares of MYR Group in a report on Friday, November 24th. TheStreet raised shares of MYR Group from a “c+” rating to a “b-” rating in a report on Thursday, November 16th. Finally, B. Riley lifted their price target on shares of MYR Group from $28.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, November 16th. Four research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $34.83.
Shares of MYR Group (MYRG) traded up $0.43 during trading hours on Wednesday, hitting $35.25. 116,400 shares of the stock traded hands, compared to its average volume of 145,700. The firm has a market cap of $573.21, a PE ratio of 37.90 and a beta of 0.48. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30. MYR Group has a one year low of $23.00 and a one year high of $43.77.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.17). The company had revenue of $373.50 million for the quarter, compared to the consensus estimate of $350.80 million. MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. During the same period last year, the firm posted $0.38 earnings per share. sell-side analysts forecast that MYR Group will post 0.79 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of MYRG. BNP Paribas Arbitrage SA grew its holdings in MYR Group by 4.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 217 shares during the last quarter. Sei Investments Co. acquired a new position in shares of MYR Group in the 2nd quarter worth approximately $170,000. Crossmark Global Holdings Inc. acquired a new position in shares of MYR Group in the 3rd quarter worth approximately $207,000. Municipal Employees Retirement System of Michigan lifted its position in shares of MYR Group by 40.0% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after purchasing an additional 2,290 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of MYR Group by 11.4% in the 2nd quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after purchasing an additional 852 shares during the period. 87.16% of the stock is currently owned by hedge funds and other institutional investors.
MYR Group Company Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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