MYR Group (NASDAQ:MYRG) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a hold rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “MYR Group Inc. is a holding company of leading specialty contractors serving the electrical infrastructure market throughout the United States and Canada who have the experience and expertise to complete electrical installations of any type and size. Their comprehensive services on electric transmission and distribution networks and substation facilities include design, engineering, procurement, construction, upgrade, maintenance and repair services. Transmission and distribution customers include investor-owned utilities, cooperatives, private developers, government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors. Commercial and industrial electrical contracting services are provided to general contractors, commercial and industrial facility owners, local governments and developers generally throughout the western and northeastern United States and western Canada. “

Several other research firms also recently issued reports on MYRG. Stifel Nicolaus set a $26.00 price target on shares of Air Transport Services Group and gave the company a buy rating in a research report on Thursday, May 16th. ValuEngine raised shares of Vermillion from a hold rating to a buy rating in a research report on Wednesday, May 15th. Finally, BidaskClub raised shares of Zai Lab from a buy rating to a strong-buy rating in a research report on Friday, June 28th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. MYR Group presently has a consensus rating of Hold and an average price target of $38.25.

NASDAQ MYRG opened at $36.29 on Wednesday. The company has a fifty day simple moving average of $35.36. MYR Group has a 12-month low of $26.24 and a 12-month high of $39.60. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32. The firm has a market cap of $602.57 million, a P/E ratio of 18.43 and a beta of 0.79.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The business had revenue of $468.10 million during the quarter, compared to the consensus estimate of $395.83 million. During the same quarter last year, the firm posted $0.34 EPS. MYR Group’s revenue was up 35.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that MYR Group will post 2.38 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of the business. Comerica Bank lifted its stake in MYR Group by 2.3% during the 1st quarter. Comerica Bank now owns 16,359 shares of the utilities provider’s stock valued at $594,000 after acquiring an additional 363 shares in the last quarter. Texas Permanent School Fund lifted its stake in MYR Group by 3.8% during the 1st quarter. Texas Permanent School Fund now owns 11,247 shares of the utilities provider’s stock valued at $389,000 after acquiring an additional 407 shares in the last quarter. Barclays PLC lifted its stake in MYR Group by 2.5% during the 4th quarter. Barclays PLC now owns 19,273 shares of the utilities provider’s stock valued at $543,000 after acquiring an additional 470 shares in the last quarter. Principal Financial Group Inc. lifted its stake in MYR Group by 0.5% during the 4th quarter. Principal Financial Group Inc. now owns 134,482 shares of the utilities provider’s stock valued at $3,788,000 after acquiring an additional 722 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its stake in MYR Group by 22.4% during the 1st quarter. New York State Teachers Retirement System now owns 8,758 shares of the utilities provider’s stock valued at $303,000 after acquiring an additional 1,600 shares in the last quarter. Institutional investors and hedge funds own 89.57% 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 industry.

Recommended Story: What are the Benefits of Index Funds?

Get a free copy of the Zacks research report on MYR Group (MYRG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.