Zacks Investment Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a buy rating in a research report released on Friday, Zacks.com reports. Zacks Investment Research currently has $40.00 target price on the utilities provider’s stock.
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. “
A number of other equities analysts have also weighed in on MYRG. ValuEngine lowered shares of MYR Group from a hold rating to a sell rating in a research report on Wednesday, May 15th. BidaskClub upgraded shares of MYR Group from a strong sell rating to a sell rating in a research report on Thursday, June 20th. Stifel Nicolaus upgraded shares of MYR Group from a hold rating to a buy rating and lifted their price objective for the company from $32.00 to $39.00 in a research report on Thursday, May 16th. Finally, Robert W. Baird set a $34.00 price objective on shares of MYR Group and gave the company a hold rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. MYR Group presently has an average rating of Hold and an average price target of $38.00.
NASDAQ:MYRG opened at $35.22 on Friday. The firm has a fifty day moving average price of $33.58. MYR Group has a 1-year low of $26.24 and a 1-year high of $39.60. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32. The stock has a market cap of $584.65 million, a price-to-earnings ratio of 18.83 and a beta of 0.70.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The firm had revenue of $468.10 million for the quarter, compared to analyst estimates of $395.83 million. During the same period last year, the firm posted $0.34 EPS. MYR Group’s quarterly revenue was up 35.4% on a year-over-year basis. As a group, equities research analysts anticipate that MYR Group will post 2.36 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the business. Marshall Wace North America L.P. purchased a new position in MYR Group in the 1st quarter worth approximately $180,000. Marshall Wace LLP purchased a new position in MYR Group in the 1st quarter worth approximately $1,973,000. AJO LP boosted its holdings in MYR Group by 8.7% in the 1st quarter. AJO LP now owns 81,911 shares of the utilities provider’s stock worth $2,837,000 after acquiring an additional 6,549 shares during the period. Royce & Associates LP purchased a new position in MYR Group in the 1st quarter worth approximately $295,000. Finally, Acadian Asset Management LLC boosted its holdings in MYR Group by 813.0% in the 1st quarter. Acadian Asset Management LLC now owns 9,705 shares of the utilities provider’s stock worth $336,000 after acquiring an additional 8,642 shares during the period. Institutional investors own 89.56% 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.
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