MYR Group (NASDAQ:MYRG) Raised to Strong-Buy at Zacks Research

MYR Group (NASDAQ:MYRG) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a research report on Monday. Stifel Nicolaus upped their price objective on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Monday, November 17th. Finally, Jefferies Financial Group initiated coverage on MYR Group in a research report on Friday, August 15th. They set a “hold” rating and a $202.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $201.67.

MYR Group Trading Up 1.4%

MYRG traded up $3.14 during trading on Monday, reaching $220.70. 59,348 shares of the company’s stock were exchanged, compared to its average volume of 220,633. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a one year low of $97.72 and a one year high of $241.13. The firm has a fifty day moving average price of $213.85 and a two-hundred day moving average price of $191.25. The stock has a market capitalization of $3.43 billion, a PE ratio of 35.63 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. During the same quarter last year, the firm earned $0.65 earnings per share. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Maseco LLP acquired a new position in shares of MYR Group during the second quarter valued at about $28,000. Salomon & Ludwin LLC acquired a new position in MYR Group during the 3rd quarter valued at about $34,000. MAI Capital Management raised its stake in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the last quarter. Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group during the second quarter valued at approximately $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MYR Group during the second quarter worth $34,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.