Canaccord Genuity Trims MYR Group, Inc. (MYRG) Target Price to $35.00
Other equities analysts also recently issued research reports about the company. TheStreet downgraded MYR Group from a b- rating to a c rating in a research report on Tuesday, May 30th. Zacks Investment Research upgraded MYR Group from a strong sell rating to a hold rating in a research report on Tuesday, July 18th. FBR & Co restated an outperform rating and issued a $37.00 target price (down previously from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, Robert W. Baird upgraded MYR Group from a neutral rating to an outperform rating and set a $41.00 target price on the stock in a research report on Monday, May 15th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $40.00.
MYR Group (NASDAQ MYRG) traded up 0.91% on Friday, reaching $26.53. The company had a trading volume of 62,519 shares. The stock has a market capitalization of $437.51 million, a P/E ratio of 26.35 and a beta of 0.35. The stock’s 50 day moving average is $31.06 and its 200-day moving average is $35.68. MYR Group has a 1-year low of $24.54 and a 1-year high of $43.77.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the consensus estimate of $0.34 by $0.27. The business had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The firm’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.31 earnings per share. On average, equities analysts predict that MYR Group will post $1.14 EPS for the current fiscal year.
MYR Group declared that its Board of Directors has approved a share buyback program on Wednesday, August 2nd that authorizes the company to buyback $20.00 million in outstanding shares. This buyback authorization authorizes the utilities provider to reacquire up to 3.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.
In related news, VP Gerald B. Jr. Engen sold 10,000 shares of MYR Group stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $32.00, for a total transaction of $320,000.00. Following the transaction, the vice president now owns 48,295 shares in the company, valued at $1,545,440. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kenneth Michael Hartwick acquired 1,000 shares of MYR Group stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average price of $29.78 per share, for a total transaction of $29,780.00. Following the transaction, the director now owns 2,625 shares of the company’s stock, valued at approximately $78,172.50. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 33,482 shares of company stock worth $1,036,842. 5.00% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in MYRG. Victory Capital Management Inc. increased its position in shares of MYR Group by 26.0% in the second quarter. Victory Capital Management Inc. now owns 42,482 shares of the utilities provider’s stock worth $1,317,000 after buying an additional 8,754 shares during the last quarter. GCA Investment Management LLC bought a new position in shares of MYR Group during the second quarter worth approximately $15,355,000. KBC Group NV increased its position in shares of MYR Group by 4.7% in the second quarter. KBC Group NV now owns 32,066 shares of the utilities provider’s stock worth $995,000 after buying an additional 1,436 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of MYR Group by 4.2% in the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after buying an additional 217 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of MYR Group by 9.5% in the second quarter. Legal & General Group Plc now owns 28,992 shares of the utilities provider’s stock worth $899,000 after buying an additional 2,518 shares during the last quarter. Hedge funds and other institutional investors own 89.43% of the company’s stock.
MYR Group Company Profile
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). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
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