MYR Group (MYRG) Rating Increased to Buy at Macquarie

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MYR Group (NASDAQ:MYRG) was upgraded by investment analysts at Macquarie to a “buy” rating in a research note issued on Thursday.

A number of other equities research analysts have also issued reports on the stock. BidaskClub lowered shares of MYR Group from a “sell” rating to a “strong sell” rating in a report on Friday, September 21st. Zacks Investment Research lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 10th. Citigroup lowered shares of MYR Group to a “sell” rating in a report on Monday, November 5th. Finally, Robert W. Baird set a $36.00 target price on shares of MYR Group and gave the stock a “hold” rating in a report on Thursday, November 1st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $40.00.

Shares of MYR Group stock traded down $0.29 during trading hours on Thursday, reaching $28.79. 12,562 shares of the company’s stock were exchanged, compared to its average volume of 74,211. MYR Group has a 1 year low of $28.81 and a 1 year high of $40.81. The firm has a market capitalization of $481.70 million, a price-to-earnings ratio of 35.54 and a beta of 0.36. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.28.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share (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 analysts’ expectations of $404.01 million. During the same period in the previous year, the company earned $0.31 EPS. MYR Group’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, research analysts anticipate that MYR Group will post 1.74 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its holdings in shares of MYR Group by 5.7% in the third quarter. BlackRock Inc. now owns 2,523,177 shares of the utilities provider’s stock valued at $82,356,000 after purchasing an additional 135,338 shares during the period. Victory Capital Management Inc. grew its holdings in shares of MYR Group by 11.2% in the third quarter. Victory Capital Management Inc. now owns 1,432,876 shares of the utilities provider’s stock valued at $46,769,000 after purchasing an additional 144,858 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of MYR Group by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,392,012 shares of the utilities provider’s stock valued at $45,435,000 after purchasing an additional 11,851 shares during the period. Macquarie Group Ltd. grew its holdings in shares of MYR Group by 14.0% in the third quarter. Macquarie Group Ltd. now owns 1,276,522 shares of the utilities provider’s stock valued at $41,666,000 after purchasing an additional 156,681 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of MYR Group by 1.8% in the third quarter. Vanguard Group Inc. now owns 962,629 shares of the utilities provider’s stock valued at $31,420,000 after purchasing an additional 16,875 shares during the period. 89.60% of the stock is owned by hedge funds and other institutional investors.

MYR Group Company Profile

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: Understanding Compound Annual Growth Rate (CAGR)

Analyst Recommendations for MYR Group (NASDAQ:MYRG)

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