Stifel Nicolaus restated their buy rating on shares of MYR Group (NASDAQ:MYRG – Free Report) in a research report sent to investors on Thursday, Benzinga reports. Stifel Nicolaus currently has a $144.00 target price on the utilities provider’s stock.
Several other analysts have also commented on the stock. Sidoti upgraded shares of MYR Group from a neutral rating to a buy rating in a research report on Tuesday, October 17th. Robert W. Baird raised their price target on shares of MYR Group from $147.00 to $170.00 in a research report on Thursday, July 27th. Finally, StockNews.com lowered shares of MYR Group from a buy rating to a hold rating in a research report on Tuesday, October 31st.
MYR Group Trading Up 2.1 %
MYR Group (NASDAQ:MYRG – Get Free Report) last issued its earnings results on Wednesday, October 25th. The utilities provider reported $1.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.30 by ($0.02). MYR Group had a return on equity of 15.46% and a net margin of 2.61%. The business had revenue of $939.50 million for the quarter, compared to analysts’ expectations of $877.48 million. During the same period last year, the business earned $1.09 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis.
In other news, CEO Richard S. Jr. Swartz sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $143.21, for a total value of $2,577,780.00. Following the sale, the chief executive officer now directly owns 118,836 shares of the company’s stock, valued at approximately $17,018,503.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.00% of the company’s stock.
Institutional Investors Weigh In On MYR Group
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Simplex Trading LLC acquired a new position in shares of MYR Group in the first quarter valued at approximately $25,000. Advisory Services Network LLC grew its holdings in shares of MYR Group by 585.0% in the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 234 shares in the last quarter. Point72 Middle East FZE acquired a new position in shares of MYR Group in the fourth quarter valued at approximately $27,000. Tower Research Capital LLC TRC grew its holdings in shares of MYR Group by 24.0% in the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider’s stock valued at $53,000 after purchasing an additional 74 shares in the last quarter. Finally, IFP Advisors Inc acquired a new position in shares of MYR Group in the third quarter valued at approximately $54,000. 86.29% of the stock is owned by hedge funds and other institutional investors.
About MYR Group
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 limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.
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