MYR Group (NASDAQ:MYRG) Stock Rating Upgraded by StockNews.com

by · The Cerbat Gem

MYR Group (NASDAQ:MYRG – Get Free Report) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Monday.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus lowered their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. The Goldman Sachs Group upped their price objective on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday. Finally, Robert W. Baird upped their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $143.75.

Check Out Our Latest Analysis on MYRG

MYR Group Stock Performance

Shares of MYR Group stock traded up $3.15 during trading hours on Monday, reaching $133.24. 338,299 shares of the stock traded hands, compared to its average volume of 177,449. The company has a 50 day moving average price of $106.69 and a 200 day moving average price of $128.25. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 58.18 and a beta of 0.89. MYR Group has a one year low of $86.60 and a one year high of $181.02. The company has a quick ratio of 1.36, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG – Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the previous year, the firm earned $1.28 EPS. The business’s quarterly revenue was down 5.5% on a year-over-year basis. On average, equities research analysts expect that MYR Group will post 0.88 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Several hedge funds have recently bought and sold shares of MYRG. Capital World Investors grew its position in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after acquiring an additional 831,066 shares during the last quarter. Swedbank AB bought a new position in shares of MYR Group during the 1st quarter worth $51,452,000. Assenagon Asset Management S.A. grew its position in shares of MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after buying an additional 147,598 shares in the last quarter. TimesSquare Capital Management LLC grew its position in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock worth $21,794,000 after buying an additional 136,643 shares in the last quarter. Finally, F M Investments LLC bought a new position in shares of MYR Group during the 2nd quarter worth $10,800,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

(Get Free Report)

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.

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