MYR Group, Inc. (MYRG) Price Target Raised to $35.00 at Robert W. Baird

MYR Group, Inc. (NASDAQ:MYRG) had its price objective raised by Robert W. Baird from $34.00 to $35.00 in a report released on Friday morning. Robert W. Baird currently has an outperform rating on the utilities provider’s stock.

A number of other research analysts also recently commented on the stock. Canaccord Genuity dropped their target price on shares of MYR Group from $47.00 to $35.00 and set a buy rating on the stock in a research report on Friday, August 4th. Zacks Investment Research raised shares of MYR Group from a strong sell rating to a hold rating in a research report on Tuesday, July 18th. KeyCorp reaffirmed a hold rating on shares of MYR Group in a research report on Friday, September 8th. Stifel Nicolaus reaffirmed a hold rating and issued a $29.00 target price (down from $36.00) on shares of MYR Group in a research report on Wednesday, September 6th. Finally, FBR & Co dropped their target price on shares of MYR Group from $37.00 to $28.00 and set a market perform rating on the stock in a research report on Friday, August 18th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. MYR Group presently has a consensus rating of Hold and an average price target of $31.75.

Shares of MYR Group (MYRG) traded up $1.75 on Friday, hitting $31.91. 125,997 shares of the stock were exchanged, compared to its average volume of 119,883. MYR Group has a fifty-two week low of $23.00 and a fifty-two week high of $43.77. The firm has a market cap of $525.30, a price-to-earnings ratio of 34.31 and a beta of 0.43. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.67.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm had revenue of $373.50 million during the quarter, compared to analyst estimates of $350.80 million. During the same quarter in the previous year, the business posted $0.38 earnings per share. MYR Group’s revenue for the quarter was up 31.8% compared to the same quarter last year. equities research analysts expect that MYR Group will post 0.76 EPS for the current year.

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MYR Group declared that its Board of Directors has initiated a stock buyback program on Wednesday, August 2nd that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

A number of institutional investors have recently modified their holdings of MYRG. OppenheimerFunds Inc. grew its position in MYR Group by 10.6% during the 1st quarter. OppenheimerFunds Inc. now owns 19,577 shares of the utilities provider’s stock worth $803,000 after purchasing an additional 1,879 shares during the last quarter. Principal Financial Group Inc. grew its position in MYR Group by 3.9% during the 1st quarter. Principal Financial Group Inc. now owns 122,795 shares of the utilities provider’s stock worth $5,035,000 after purchasing an additional 4,579 shares during the last quarter. Teachers Advisors LLC grew its position in MYR Group by 41.3% during the 1st quarter. Teachers Advisors LLC now owns 84,677 shares of the utilities provider’s stock worth $3,472,000 after purchasing an additional 24,753 shares during the last quarter. TIAA CREF Investment Management LLC grew its position in MYR Group by 8.7% during the 1st quarter. TIAA CREF Investment Management LLC now owns 172,878 shares of the utilities provider’s stock worth $7,088,000 after purchasing an additional 13,829 shares during the last quarter. Finally, Legal & General Group Plc grew its position in MYR Group by 1.6% during the 1st quarter. Legal & General Group Plc now owns 26,474 shares of the utilities provider’s stock worth $1,086,000 after purchasing an additional 405 shares during the last quarter. 86.53% of the stock is currently 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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