Shares of MYR Group Inc (NASDAQ:MYRG) have been assigned a consensus rating of “Buy” from the six brokerages that are covering the firm. Three equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $37.20.
A number of analysts have recently issued reports on MYRG shares. FBR & Co boosted their target price on MYR Group from $32.00 to $45.00 and gave the stock a “market perform” rating in a report on Thursday, January 26th. Zacks Investment Research upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Wednesday, March 8th.
MYR Group (NASDAQ:MYRG) traded up 0.91% during trading on Friday, hitting $41.17. 170,863 shares of the company were exchanged. The company has a market capitalization of $672.88 million, a price-to-earnings ratio of 33.47 and a beta of 0.53. MYR Group has a 12 month low of $21.84 and a 12 month high of $43.77. The stock’s 50-day moving average is $40.13 and its 200-day moving average is $37.01.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Thursday, March 9th. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.08. MYR Group had a return on equity of 6.91% and a net margin of 1.82%. The business earned $343.70 million during the quarter, compared to analysts’ expectations of $291.69 million. During the same quarter in the previous year, the business earned $0.29 EPS. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. Equities research analysts anticipate that MYR Group will post $1.70 earnings per share for the current year.
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In other MYR Group news, COO Tod M. Cooper sold 8,412 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $38.95, for a total value of $327,647.40. Following the sale, the chief operating officer now directly owns 31,590 shares of the company’s stock, valued at $1,230,430.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary Ronald Johnson sold 8,000 shares of the stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $40.12, for a total value of $320,960.00. Following the completion of the sale, the director now directly owns 29,102 shares in the company, valued at $1,167,572.24. The disclosure for this sale can be found here. Insiders sold 36,265 shares of company stock worth $1,450,867 over the last ninety days. 10.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in MYR Group by 426.4% in the third quarter. Acadian Asset Management LLC now owns 98,847 shares of the utilities provider’s stock valued at $2,976,000 after buying an additional 80,068 shares during the last quarter. California Public Employees Retirement System boosted its position in MYR Group by 6.0% in the third quarter. California Public Employees Retirement System now owns 55,000 shares of the utilities provider’s stock valued at $1,656,000 after buying an additional 3,100 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in MYR Group during the third quarter valued at about $214,000. Aperio Group LLC boosted its position in MYR Group by 15.7% in the third quarter. Aperio Group LLC now owns 10,346 shares of the utilities provider’s stock valued at $311,000 after buying an additional 1,402 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in MYR Group by 13.2% in the third quarter. Bank of New York Mellon Corp now owns 204,121 shares of the utilities provider’s stock valued at $6,144,000 after buying an additional 23,765 shares during the last quarter. 92.99% of the stock is owned by institutional investors.
About MYR Group
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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