MYR Group Inc. (MYRG) Trading Up 4.3%
MYR Group Inc. (NASDAQ:MYRG) shares were up 4.3% during mid-day trading on Thursday . The company traded as high as $26.25 and last traded at $25.98, with a volume of 95,755 shares changing hands. The stock had previously closed at $24.90.
A number of research analysts recently issued reports on MYRG shares. Canaccord Genuity started coverage on MYR Group in a report on Monday, April 11th. They issued a “buy” rating and a $27.00 price target for the company. Zacks Investment Research cut MYR Group from a “buy” rating to a “hold” rating in a report on Saturday, May 7th. Maxim Group cut their price target on MYR Group from $30.00 to $28.00 and set a “buy” rating for the company in a report on Monday, May 9th. Finally, FBR & Co reaffirmed a “hold” rating on shares of MYR Group in a report on Tuesday, May 10th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. MYR Group presently has an average rating of “Buy” and a consensus target price of $27.00.
The stock has a market capitalization of $478.25 million and a PE ratio of 24.50. The firm has a 50 day moving average of $24.51 and a 200 day moving average of $23.56.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The business earned $261.90 million during the quarter, compared to analysts’ expectations of $279.96 million. During the same quarter last year, the company posted $0.38 earnings per share. MYR Group’s quarterly revenue was down 5.3% on a year-over-year basis. Equities analysts anticipate that MYR Group Inc. will post $1.15 earnings per share for the current fiscal year.
In other news, Director Larry F. Altenbaumer sold 8,000 shares of the stock in a transaction 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 sale, the director now directly owns 28,062 shares of the company’s stock, valued at approximately $672,646.14. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
An institutional investor recently bought a new position in MYR Group stock. Dean Investment Associates LLC bought a new stake in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 197,210 shares of the company’s stock, valued at approximately $4,064,000. Dean Investment Associates LLC owned approximately 0.96% of MYR Group at the end of the most recent reporting period.
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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