MYR Group (NASDAQ:MYRG) Lowered to “Sell” at BidaskClub

BidaskClub cut shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a report published on Friday morning, BidAskClub reports.

MYRG has been the subject of several other research reports. Stifel Nicolaus raised MYR Group from a hold rating to a buy rating and raised their price target for the company from $32.00 to $39.00 in a report on Thursday, May 16th. Zacks Investment Research downgraded MYR Group from a buy rating to a hold rating in a report on Friday, July 26th. ValuEngine downgraded MYR Group from a hold rating to a sell rating in a report on Thursday, August 1st. Finally, B. Riley cut their price target on MYR Group from $39.00 to $34.00 and set a neutral rating for the company in a report on Friday, August 2nd. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $37.00.

MYR Group stock traded down $0.69 during mid-day trading on Friday, hitting $28.47. 57,158 shares of the company’s stock traded hands, compared to its average volume of 68,582. The company has a 50 day moving average of $35.58. MYR Group has a fifty-two week low of $26.24 and a fifty-two week high of $38.14. The stock has a market capitalization of $472.60 million, a PE ratio of 15.22 and a beta of 0.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.69 and a current ratio of 1.69.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.17). MYR Group had a net margin of 1.88% and a return on equity of 10.15%. The business had revenue of $448.80 million for the quarter, compared to analyst estimates of $445.20 million. During the same period in the prior year, the business earned $0.41 EPS. The company’s revenue for the quarter was up 32.1% compared to the same quarter last year. Equities research analysts forecast that MYR Group will post 2.17 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of MYRG. Bank of New York Mellon Corp lifted its holdings in shares of MYR Group by 4.8% during the fourth quarter. Bank of New York Mellon Corp now owns 192,000 shares of the utilities provider’s stock worth $5,409,000 after buying an additional 8,881 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of MYR Group by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 181,179 shares of the utilities provider’s stock worth $5,103,000 after buying an additional 9,258 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of MYR Group by 0.5% during the fourth quarter. Principal Financial Group Inc. now owns 134,482 shares of the utilities provider’s stock worth $3,788,000 after buying an additional 722 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of MYR Group by 21.5% during the fourth quarter. Bank of America Corp DE now owns 95,877 shares of the utilities provider’s stock worth $2,701,000 after buying an additional 16,994 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY lifted its holdings in shares of MYR Group by 472.4% during the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,850 shares of the utilities provider’s stock worth $165,000 after buying an additional 4,828 shares in the last quarter. 90.08% of the stock is owned by 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.

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Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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