MYR Group (MYRG) Raised to “Hold” at BidaskClub

MYR Group (NASDAQ:MYRG) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

A number of other brokerages have also issued reports on MYRG. ValuEngine raised shares of MYR Group from a “hold” rating to a “buy” rating in a research note on Thursday, May 17th. Zacks Investment Research downgraded MYR Group from a “buy” rating to a “hold” rating in a report on Wednesday, March 7th. Robert W. Baird set a $39.00 price objective on MYR Group and gave the company a “buy” rating in a report on Monday, April 9th. Finally, Canaccord Genuity lifted their price objective on MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a report on Friday, March 9th. Seven investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. MYR Group has an average rating of “Hold” and a consensus price target of $35.83.

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Shares of MYRG opened at $37.32 on Wednesday. The firm has a market cap of $592.34 million, a PE ratio of 46.07 and a beta of 0.58. MYR Group has a 12-month low of $23.00 and a 12-month high of $40.81. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.24.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, May 2nd. The utilities provider reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.17. The firm had revenue of $345.60 million during the quarter, compared to analyst estimates of $320.64 million. MYR Group had a net margin of 1.77% and a return on equity of 6.06%. The business’s revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share. analysts predict that MYR Group will post 1.99 EPS for the current year.

In related news, Director William A. Koertner sold 39,601 shares of MYR Group stock in a transaction dated Thursday, May 3rd. The stock was sold at an average price of $35.00, for a total value of $1,386,035.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Jeffrey J. Waneka sold 993 shares of MYR Group stock in a transaction dated Tuesday, May 8th. The shares were sold at an average price of $38.00, for a total value of $37,734.00. Following the completion of the sale, the chief operating officer now owns 10,371 shares of the company’s stock, valued at $394,098. The disclosure for this sale can be found here. Insiders sold 63,194 shares of company stock valued at $2,303,576 over the last 90 days. 4.90% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in MYRG. Teacher Retirement System of Texas bought a new position in MYR Group in the fourth quarter worth about $201,000. Raymond James & Associates bought a new position in MYR Group in the fourth quarter worth about $236,000. MetLife Investment Advisors LLC bought a new position in MYR Group in the fourth quarter worth about $246,000. Citigroup Inc. raised its holdings in MYR Group by 34.1% in the first quarter. Citigroup Inc. now owns 8,228 shares of the utilities provider’s stock worth $254,000 after purchasing an additional 2,091 shares in the last quarter. Finally, Global X Management Co. LLC raised its holdings in MYR Group by 319.3% in the first quarter. Global X Management Co. LLC now owns 8,512 shares of the utilities provider’s stock worth $262,000 after purchasing an additional 6,482 shares in the last quarter. Institutional investors and hedge funds own 89.23% of the company’s stock.

MYR Group Company Profile

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 and the renewable energy industries.