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.
ILLEGAL ACTIVITY NOTICE: This report was originally posted by Community Financial News and is owned by of Community Financial News. If you are viewing this report on another site, it was illegally copied and republished in violation of United States and international copyright and trademark laws. The original version of this report can be viewed at https://www.com-unik.info/2017/11/05/myr-group-inc-myrg-price-target-raised-to-35-00-at-robert-w-baird.html.
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.
What are top analysts saying about MYR Group Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for MYR Group Inc. and related companies.