MYR Group (NASDAQ:MYRG) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of MYR Group (NASDAQ:MYRG) from a sell rating to a hold rating in a research note released on Monday.

Other equities analysts also recently issued reports about the company. Robert W. Baird lifted their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. The Goldman Sachs Group boosted their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Stifel Nicolaus dropped their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Stock Performance

MYR Group stock opened at $133.24 on Monday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 58.18 and a beta of 0.89. The stock’s 50 day simple moving average is $106.69 and its two-hundred day simple moving average is $128.25.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same quarter in the previous year, the firm earned $1.28 EPS. MYR Group’s quarterly revenue was down 5.5% compared to the same quarter last year. As a group, analysts expect that MYR Group will post 0.88 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MYRG. Louisiana State Employees Retirement System lifted its holdings in MYR Group by 1.2% during the 2nd quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after buying an additional 100 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in shares of MYR Group by 0.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after purchasing an additional 131 shares during the last quarter. Covestor Ltd raised its holdings in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares during the last quarter. First National Bank of Hutchinson lifted its position in MYR Group by 2.6% during the first quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after buying an additional 160 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its holdings in MYR Group by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock valued at $3,800,000 after purchasing an additional 160 shares during the period. Institutional investors and hedge funds own 88.90% 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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.