Zacks Investment Research upgraded shares of MYR Group (NASDAQ:MYRG) from a sell rating to a hold rating in a report released on Friday morning.
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. “
MYRG has been the subject of a number of other reports. BidaskClub lowered MYR Group from a hold rating to a sell rating in a research report on Friday, December 7th. Robert W. Baird set a $36.00 price target on MYR Group and gave the stock a hold rating in a research note on Thursday, November 1st. Nomura raised MYR Group to a buy rating in a research note on Tuesday, December 11th. Citigroup downgraded MYR Group to a sell rating in a research note on Monday, November 5th. Finally, Macquarie raised MYR Group to a buy rating in a research note on Thursday, December 6th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. MYR Group has an average rating of Hold and a consensus target price of $40.00.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 31st. The utilities provider reported $0.48 EPS for the quarter, missing the Zacks’ 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 business had revenue of $399.50 million for the quarter, compared to analyst estimates of $404.01 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. The company’s revenue was up 6.4% compared to the same quarter last year. Equities analysts expect that MYR Group will post 1.74 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of MYRG. BlackRock Inc. raised its stake in shares of MYR Group by 9.1% during the 2nd quarter. BlackRock Inc. now owns 2,387,839 shares of the utilities provider’s stock worth $84,673,000 after purchasing an additional 200,044 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of MYR Group by 14.0% during the 3rd quarter. Macquarie Group Ltd. now owns 1,276,522 shares of the utilities provider’s stock worth $41,666,000 after purchasing an additional 156,681 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of MYR Group by 11.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock worth $46,769,000 after purchasing an additional 144,858 shares in the last quarter. Putnam Investments LLC purchased a new stake in shares of MYR Group during the 3rd quarter worth about $3,381,000. Finally, Renaissance Technologies LLC bought a new position in shares of MYR Group in the 2nd quarter valued at approximately $1,823,000. 89.56% 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 and the renewable energy industries.
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