MYR Group (NASDAQ:MYRG) Lowered to “Buy” Rating by Wall Street Zen

Wall Street Zen downgraded shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a report issued on Saturday.

Several other research firms have also recently weighed in on MYRG. Stifel Nicolaus upped their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. The Goldman Sachs Group lifted their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Jefferies Financial Group began coverage on shares of MYR Group in a research report on Friday, August 15th. They issued a “hold” rating and a $202.00 price objective on the stock. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $201.67.

MYR Group Price Performance

MYR Group stock opened at $218.40 on Friday. The firm has a market capitalization of $3.39 billion, a P/E ratio of 35.28 and a beta of 1.20. MYR Group has a one year low of $97.72 and a one year high of $241.13. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The business has a fifty day moving average price of $218.02 and a 200-day moving average price of $194.72.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter last year, the company earned $0.65 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. As a group, equities research analysts forecast that MYR Group will post 1.16 EPS for the current year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its position in shares of MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 47 shares during the period. Bank of Montreal Can boosted its holdings in MYR Group by 1.4% in the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock valued at $742,000 after acquiring an additional 56 shares in the last quarter. MAI Capital Management raised its holdings in MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares in the last quarter. Inspire Investing LLC lifted its position in shares of MYR Group by 2.6% in the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after purchasing an additional 56 shares during the period. Finally, Linden Thomas Advisory Services LLC increased its position in shares of MYR Group by 0.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock valued at $2,056,000 after buying an additional 75 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

About MYR Group

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.