MYR Group Inc. (MYRG) Sees Unusually-High Trading Volume
Shares of MYR Group Inc. (NASDAQ:MYRG) saw unusually-strong trading volume on Tuesday . Approximately 157,820 shares traded hands during mid-day trading, an increase of 26% from the previous session’s volume of 125,244 shares.The stock last traded at $24.51 and had previously closed at $24.51.
A number of research analysts have issued reports on MYRG shares. TheStreet upgraded MYR Group from a “hold” rating to a “buy” rating in a research report on Monday, March 28th. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating and set a $28.00 target price on the stock in a research report on Tuesday, April 5th. Canaccord Genuity started coverage on MYR Group in a research report on Monday, April 11th. They issued a “buy” rating and a $27.00 target price on the stock. Maxim Group decreased their target price on MYR Group from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, May 9th. Finally, FBR & Co reiterated a “hold” rating on shares of MYR Group in a research report on Tuesday, May 10th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. MYR Group has a consensus rating of “Buy” and a consensus price target of $27.00.
The stock has a market cap of $447.27 million and a PE ratio of 22.91. The company’s 50 day moving average price is $24.43 and its 200 day moving average price is $23.34.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 4th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by $0.18. The firm earned $253.63 million during the quarter, compared to analysts’ expectations of $262.48 million. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share. On average, equities research analysts anticipate that MYR Group Inc. will post $1.14 EPS for the current fiscal year.
In other news, Director Larry F. Altenbaumer sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $23.97, for a total transaction of $191,760.00. Following the transaction, the director now owns 28,062 shares of the company’s stock, valued at $672,646.14. The transaction was disclosed in a legal filing with the SEC, which is available at this link.
Other hedge funds have recently made changes to their positions in the company. Shell Asset Management Co. purchased a new stake in shares of MYR Group during the fourth quarter worth about $1,412,000. First Trust Advisors LP raised its stake in shares of MYR Group by 135.4% in the fourth quarter. First Trust Advisors LP now owns 181,316 shares of the company’s stock worth $3,737,000 after buying an additional 104,285 shares during the last quarter. Finally, Dean Investment Associates LLC purchased a new stake in shares of MYR Group during the fourth quarter worth about $4,064,000.
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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.