MYR Group (MYRG) Downgraded by BidaskClub

BidaskClub cut shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a research note published on Friday morning.

A number of other equities research analysts have also commented on the stock. KeyCorp reaffirmed a hold rating on shares of MYR Group in a research note on Friday, November 24th. TheStreet raised shares of MYR Group from a c+ rating to a b- rating in a research note on Thursday, November 16th. B. Riley upped their price objective on shares of MYR Group from $28.00 to $35.00 and gave the company a neutral rating in a research note on Thursday, November 16th. Zacks Investment Research raised shares of MYR Group from a strong sell rating to a hold rating in a research note on Wednesday, November 8th. Finally, Robert W. Baird upped their price objective on shares of MYR Group from $34.00 to $35.00 and gave the company an outperform rating in a research note on Friday, November 3rd. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $32.40.

Shares of MYR Group (NASDAQ MYRG) opened at $35.21 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. MYR Group has a 12 month low of $23.00 and a 12 month high of $43.77. The company has a market cap of $579.63, a price-to-earnings ratio of 37.86 and a beta of 0.47.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm had revenue of $373.50 million during the quarter, compared to the consensus estimate of $350.80 million. During the same period in the prior year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 31.8% compared to the same quarter last year. sell-side analysts anticipate that MYR Group will post 0.79 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Arbitrage SA boosted its stake in MYR Group by 4.2% during the second quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 217 shares in the last quarter. Sei Investments Co. bought a new position in MYR Group during the second quarter worth $170,000. Crossmark Global Holdings Inc. bought a new position in MYR Group during the third quarter worth $207,000. Louisiana State Employees Retirement System boosted its stake in MYR Group by 3.1% during the second quarter. Louisiana State Employees Retirement System now owns 6,700 shares of the utilities provider’s stock worth $208,000 after acquiring an additional 200 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in MYR Group by 40.0% during the third quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after acquiring an additional 2,290 shares in the last quarter. 87.20% of the stock is currently owned by institutional investors and hedge funds.

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About MYR Group

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.

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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