According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “
Several other brokerages have also recently weighed in on MYRG. BidaskClub upgraded shares of MYR Group from a sell rating to a hold rating in a research note on Thursday, September 12th. Robert W. Baird upgraded shares of MYR Group from a neutral rating to an outperform rating and boosted their target price for the company from $35.00 to $36.00 in a research report on Wednesday, September 11th. Finally, ValuEngine cut shares of MYR Group from a hold rating to a sell rating in a report on Monday, November 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company has an average rating of Hold and an average price target of $37.50.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 30th. The utilities provider reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.04. The company had revenue of $583.21 million for the quarter, compared to the consensus estimate of $503.87 million. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. MYR Group’s revenue was up 46.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.48 earnings per share. As a group, analysts anticipate that MYR Group will post 2.08 EPS for the current fiscal year.
In other MYR Group news, Director William A. Koertner sold 1,353 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $35.02, for a total transaction of $47,382.06. Following the completion of the sale, the director now owns 305,056 shares of the company’s stock, valued at $10,683,061.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William A. Koertner sold 4,241 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $35.07, for a total value of $148,731.87. Following the sale, the director now directly owns 309,834 shares of the company’s stock, valued at approximately $10,865,878.38. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,980 shares of company stock worth $209,388. 4.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Optimum Investment Advisors bought a new position in shares of MYR Group during the 2nd quarter valued at approximately $37,000. Harel Insurance Investments & Financial Services Ltd. bought a new stake in MYR Group during the 3rd quarter worth approximately $44,000. Meeder Asset Management Inc. raised its stake in MYR Group by 3,384.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 1,359 shares of the utilities provider’s stock worth $51,000 after acquiring an additional 1,320 shares during the period. C M Bidwell & Associates Ltd. purchased a new position in MYR Group during the second quarter valued at approximately $61,000. Finally, Hillsdale Investment Management Inc. purchased a new position in MYR Group during the second quarter valued at approximately $108,000. 90.80% of the stock is currently owned by hedge funds and other institutional investors.
About MYR Group
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry.
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