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.

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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.

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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