MYR Group Inc. (MYRG) Sets New 12-Month High at $29.50
MYR Group Inc. (NASDAQ:MYRG) shares reached a new 52-week high on Thursday . The company traded as high as $29.50 and last traded at $29.46, with a volume of 34,874 shares trading hands. The stock had previously closed at $29.47.
A number of research firms have recently weighed in on MYRG. Maxim Group lifted their price objective on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, August 5th. Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and lifted their target price for the company from $27.00 to $30.00 in a research note on Friday, August 12th. FBR & Co reissued a “hold” rating on shares of MYR Group in a research note on Tuesday, May 10th. Canaccord Genuity reissued a “buy” rating and set a $32.00 target price on shares of MYR Group in a research note on Sunday, August 7th. Finally, Zacks Investment Research downgraded MYR Group from a “buy” rating to a “hold” rating in a research note on Saturday, May 7th. Six investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $28.43.
The stock has a market cap of $464.57 million and a price-to-earnings ratio of 29.23. The stock has a 50 day moving average price of $26.61 and a 200-day moving average price of $24.63.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.33 by $0.02. During the same quarter in the previous year, the company earned $0.38 earnings per share. The firm earned $261.90 million during the quarter, compared to analyst estimates of $279.96 million. The business’s revenue for the quarter was down 5.3% on a year-over-year basis. On average, analysts expect that MYR Group Inc. will post $1.15 earnings per share for the current year.
In other news, insider Tod M. Cooper sold 9,212 shares of the company’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $28.75, for a total value of $264,845.00. Following the sale, the insider now owns 34,319 shares in the company, valued at $986,671.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
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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