MYR Group Inc. (MYRG) Hits New 1-Year High at $29.85
MYR Group Inc. (NASDAQ:MYRG) hit a new 52-week high on Wednesday . The company traded as high as $29.85 and last traded at $28.85, with a volume of 49,253 shares changing hands. The stock had previously closed at $29.13.
A number of equities research analysts have weighed in on MYRG shares. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “strong sell” rating in a report on Thursday, June 23rd. Canaccord Genuity reissued a “buy” rating and set a $32.00 price objective on shares of MYR Group in a report on Sunday, August 7th. FBR & Co reissued a “hold” rating on shares of MYR Group in a report on Tuesday, May 10th. Maxim Group cut their price objective on MYR Group from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, May 9th. Finally, Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating and raised their price objective for the company 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 given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $28.43.
The company has a market capitalization of $464.57 million and a price-to-earnings ratio of 29.2322. The stock has a 50-day moving average of $26.83 and a 200 day moving average of $24.84.
MYR Group (NASDAQ:MYRG) last issued 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 business had revenue of $261.90 million for the quarter, compared to analyst estimates of $279.96 million. During the same quarter last year, the firm earned $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 research analysts anticipate 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 the business’s 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 sale, the insider now owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
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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