MYR Group Inc. (MYRG) Sees Large Volume Increase
MYR Group Inc. (NASDAQ:MYRG) shares saw strong trading volume on Friday . 572,355 shares traded hands during trading, an increase of 170% from the previous session’s volume of 212,297 shares.The stock last traded at $27.80 and had previously closed at $28.01.
A number of equities research analysts have recently commented on the stock. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $27.00 to $30.00 in a research note on Friday. Canaccord Genuity reaffirmed a “buy” rating and set a $32.00 price objective on shares of MYR Group in a research note on Sunday, August 7th. Maxim Group raised their price objective on shares of MYR Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, August 5th. Zacks Investment Research raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Friday, July 15th. Finally, FBR & Co reaffirmed a “hold” rating on shares of MYR Group in a research note on Tuesday, May 10th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company. MYR Group currently has an average rating of “Hold” and a consensus target price of $28.43.
The company has a 50 day moving average of $25.12 and a 200 day moving average of $23.86. The company has a market capitalization of $446.27 million and a P/E ratio of 28.08.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, August 3rd. The company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $261.90 million for the quarter, compared to analyst estimates of $279.96 million. During the same quarter in the previous year, the business posted $0.38 EPS. The company’s revenue was down 5.3% on a year-over-year basis. On average, equities research analysts expect that MYR Group Inc. will post $1.14 earnings per share for the current year.
An institutional investor recently bought a new position in MYR Group stock. Dean Investment Associates LLC bought a new position in MYR Group Inc. (NASDAQ:MYRG) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 197,210 shares of the company’s stock, valued at approximately $4,064,000. Dean Investment Associates LLC owned about 0.96% of MYR Group as of its most recent filing with the SEC.
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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