MYR Group (NASDAQ:MYRG) Cut to “Hold” at Zacks Research

Zacks Research lowered shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on MYRG. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group lifted their target price on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Stifel Nicolaus upped their price target on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a report on Monday. Finally, Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group currently has a consensus rating of “Hold” and an average price target of $201.67.

MYR Group Stock Down 0.3%

Shares of MYRG stock opened at $218.50 on Tuesday. The company’s fifty day simple moving average is $222.75 and its two-hundred day simple moving average is $200.25. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13. The stock has a market cap of $3.39 billion, a P/E ratio of 35.30 and a beta of 1.18. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The firm had revenue of $950.40 million during the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.65 earnings per share. Analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

Insider Activity

In related news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer owned 5,797 shares in the company, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares during the last quarter. Wellington Management Group LLP lifted its stake in MYR Group by 69.2% during the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock valued at $129,975,000 after acquiring an additional 255,493 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of MYR Group by 0.9% in the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after acquiring an additional 4,203 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of MYR Group by 1.2% in the third quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock worth $79,117,000 after acquiring an additional 4,353 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.