MYR Group Inc. (MYRG) Sets New 1-Year High at $29.85
Shares of MYR Group Inc. (NASDAQ:MYRG) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $29.85 and last traded at $28.85, with a volume of 49,253 shares. The stock had previously closed at $29.13.
Several analysts recently issued reports on the stock. Zacks Investment Research raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Friday, July 15th. FBR & Co reaffirmed a “hold” rating on shares of MYR Group in a report on Tuesday, May 10th. Canaccord Genuity reaffirmed a “buy” rating and set a $32.00 price objective on shares of MYR Group in a report on Sunday, August 7th. Maxim Group upped their price objective on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Finally, Robert W. Baird downgraded shares of MYR Group from an “outperform” rating to a “neutral” rating and upped their price objective for the stock from $27.00 to $30.00 in a report on Friday, August 12th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.43.
The stock’s 50-day moving average price is $27.02 and its 200 day moving average price is $24.90. The firm has a market capitalization of $469.55 million and a P/E ratio of 29.55.
MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. The business had revenue of $261.90 million for the quarter, compared to analysts’ expectations of $279.96 million. During the same period last year, the business posted $0.38 earnings per share. MYR Group’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, equities analysts forecast that MYR Group Inc. will post $1.15 earnings per share for the current year.
In other MYR Group news, insider Tod M. Cooper sold 9,212 shares of MYR Group stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $28.75, for a total transaction of $264,845.00. Following the completion of the transaction, the insider now directly owns 34,319 shares of the company’s stock, valued at $986,671.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
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). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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