MYR Group, Inc. (MYRG) Given “Hold” Rating at Stifel Nicolaus
Stifel Nicolaus restated their hold rating on shares of MYR Group, Inc. (NASDAQ:MYRG) in a report issued on Wednesday. The brokerage currently has a $29.00 target price on the utilities provider’s stock, down from their prior target price of $36.00.
Several other research analysts have also recently weighed in on MYRG. Robert W. Baird reaffirmed a buy rating and set a $34.00 price objective on shares of MYR Group in a research report on Tuesday. Zacks Investment Research cut MYR Group from a hold rating to a strong sell rating in a research report on Saturday, August 5th. FBR & Co reduced their price objective on MYR Group from $37.00 to $28.00 and set a market perform rating for the company in a research report on Friday, August 18th. Canaccord Genuity reduced their price objective on MYR Group from $47.00 to $35.00 and set a buy rating for the company in a research report on Friday, August 4th. Finally, TheStreet cut MYR Group from a b- rating to a c rating in a research report on Tuesday, May 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $34.60.
Shares of MYR Group (MYRG) traded down 0.97% during mid-day trading on Wednesday, reaching $25.40. 12,308 shares of the company were exchanged. The stock has a market capitalization of $418.87 million, a P/E ratio of 25.22 and a beta of 0.34. MYR Group has a 12 month low of $23.00 and a 12 month high of $43.77. The stock has a 50 day moving average price of $26.93 and a 200-day moving average price of $33.26.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by $0.27. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. The business had revenue of $356.20 million during the quarter, compared to the consensus estimate of $310.57 million. During the same quarter last year, the company earned $0.31 earnings per share. The firm’s revenue was up 36.0% compared to the same quarter last year. Analysts predict that MYR Group will post $0.88 earnings per share for the current year.
MYR Group declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 2nd that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the utilities provider to purchase up to 3.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.
In related news, VP Gerald B. Jr. Engen sold 8,790 shares of the stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total transaction of $274,511.70. Following the completion of the transaction, the vice president now directly owns 58,295 shares of the company’s stock, valued at $1,820,552.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Gerald B. Jr. Engen sold 1,210 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $31.01, for a total value of $37,522.10. Following the transaction, the vice president now directly owns 68,185 shares of the company’s stock, valued at $2,114,416.85. The disclosure for this sale can be found here. Insiders have sold 20,000 shares of company stock valued at $632,034 over the last three months. Insiders own 5.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of MYRG. GCA Investment Management LLC acquired a new position in MYR Group during the second quarter valued at approximately $15,355,000. JPMorgan Chase & Co. boosted its position in MYR Group by 46.1% during the first quarter. JPMorgan Chase & Co. now owns 615,392 shares of the utilities provider’s stock valued at $25,231,000 after purchasing an additional 194,092 shares during the last quarter. Corbyn Investment Management Inc. MD boosted its position in MYR Group by 109.9% during the second quarter. Corbyn Investment Management Inc. MD now owns 327,227 shares of the utilities provider’s stock valued at $10,151,000 after purchasing an additional 171,323 shares during the last quarter. Thomson Horstmann & Bryant Inc. boosted its position in MYR Group by 99.4% during the second quarter. Thomson Horstmann & Bryant Inc. now owns 304,260 shares of the utilities provider’s stock valued at $9,438,000 after purchasing an additional 151,664 shares during the last quarter. Finally, Macquarie Group Ltd. boosted its position in MYR Group by 15.5% during the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock valued at $28,114,000 after purchasing an additional 91,962 shares during the last quarter. 87.81% of the stock is 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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