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

MYR Group (NASDAQ:MYRG) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald lifted their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Finally, Robert W. Baird set a $375.00 price target on MYR Group in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $426.00.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $337.42 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The stock has a market capitalization of $5.25 billion, a PE ratio of 32.01 and a beta of 1.34. MYR Group has a one year low of $171.51 and a one year high of $503.57. The business’s fifty day moving average price is $417.77 and its 200-day moving average price is $353.46.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the business posted $1.70 EPS. On average, equities research analysts anticipate that MYR Group will post 12.35 EPS for the current year.

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in MYR Group during the second quarter valued at about $30,000. Carolina Wealth Advisors LLC bought a new position in shares of MYR Group in the second quarter worth about $30,000. Parallel Advisors LLC boosted its stake in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of MYR Group during the second quarter worth about $70,000. Finally, Farther Finance Advisors LLC grew its position in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.