MYR Group, Inc. (NASDAQ:MYRG) Stock Now Rated “Moderate Buy” by Wall Street Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been assigned an average rating of “Moderate Buy” from the eight research firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $424.80.

A number of research firms have issued reports on MYRG. Weiss Ratings downgraded MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. The Goldman Sachs Group dropped their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a report on Thursday, August 13th. Stifel Nicolaus reduced their target price on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research report on Thursday, October 8th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 2nd. Finally, Jefferies Financial Group upgraded shares of MYR Group from a “hold” rating to a “buy” rating and decreased their price target for the stock from $377.00 to $370.00 in a research note on Tuesday, October 6th.

MYR Group Stock Down 5.8%

MYRG opened at $291.17 on Friday. The business’s 50-day moving average price is $302.20 and its 200-day moving average price is $365.41. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group has a 12 month low of $190.13 and a 12 month high of $503.57. The company has a market cap of $4.53 billion, a P/E ratio of 27.63 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business’s revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the business earned $1.70 earnings per share. On average, equities analysts expect that MYR Group will post 12.43 EPS for the current year.

Institutional Trading of MYR Group

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in MYR Group in the second quarter worth $1,232,294,000. Bank of America Corp DE bought a new position in MYR Group during the second quarter valued at $61,365,000. Bank of New York Mellon Corp bought a new position in MYR Group during the second quarter valued at $53,361,000. Neumeier Poma Investment Counsel LLC bought a new stake in shares of MYR Group in the 2nd quarter worth about $50,008,475. Finally, Congress Asset Management Co. boosted its stake in shares of MYR Group by 94.7% during the 3rd quarter. Congress Asset Management Co. now owns 143,103 shares of the utilities provider’s stock worth $41,852,000 after purchasing an additional 69,594 shares during the period. 88.90% of the stock is owned by institutional investors.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.