MYR Group (MYRG) Downgraded to “Sell” at Citigroup

Citigroup cut shares of MYR Group (NASDAQ:MYRG) to a sell rating in a research report report published on Monday morning.

Several other research firms have also recently commented on MYRG. BidaskClub cut shares of MYR Group from a sell rating to a strong sell rating in a research report on Friday, September 21st. Zacks Investment Research cut shares of MYR Group from a hold rating to a sell rating in a research report on Saturday, November 3rd. Stifel Nicolaus lifted their target price on shares of MYR Group from $37.00 to $41.00 and gave the stock a hold rating in a research report on Tuesday, July 10th. Robert W. Baird set a $36.00 target price on shares of MYR Group and gave the stock a hold rating in a research report on Thursday, November 1st. Finally, B. Riley dropped their target price on shares of MYR Group from $40.00 to $39.00 and set a neutral rating on the stock in a research report on Tuesday, August 7th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. MYR Group has an average rating of Hold and an average target price of $40.00.

MYR Group stock opened at $33.87 on Monday. MYR Group has a 52 week low of $28.93 and a 52 week high of $40.81. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.28. The company has a market cap of $566.18 million, a price-to-earnings ratio of 41.81 and a beta of 0.35.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The firm had revenue of $399.50 million for the quarter, compared to the consensus estimate of $404.01 million. During the same period in the prior year, the business earned $0.31 EPS. MYR Group’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, sell-side analysts expect that MYR Group will post 1.75 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. SG Americas Securities LLC purchased a new stake in shares of MYR Group during the 2nd quarter worth approximately $150,000. Alambic Investment Management L.P. purchased a new stake in shares of MYR Group during the 2nd quarter worth approximately $209,000. Legal & General Group Plc increased its stake in shares of MYR Group by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 32,582 shares of the utilities provider’s stock worth $1,151,000 after purchasing an additional 2,105 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of MYR Group by 7.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock worth $45,673,000 after purchasing an additional 91,219 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its stake in shares of MYR Group by 17,225.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock worth $215,000 after purchasing an additional 6,029 shares during the last quarter. Institutional investors own 87.29% of the company’s stock.

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 and the renewable energy industries.

Further Reading: The risks of owning bonds

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply