The TheStreet Downgrades MYR Group Inc (MYRG) to C

The TheStreet Downgrades MYR Group Inc (MYRG) to C

A number of other analysts also recently commented on the company. Zacks Investment Research downgraded MYR Group from a hold rating to a strong sell rating in a research report on Wednesday, May 17th. FBR & Co reiterated an outperform rating and set a $37.00 target price (down from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, Robert W. Baird upgraded MYR Group from a neutral rating to an outperform rating and set a $41.00 target price on the stock in a research report on Monday, May 15th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $37.80.

TheStreet downgraded shares of MYR Group Inc (NASDAQ:MYRG) from a b- rating to a c rating in a report released on Tuesday.

MYR Group (NASDAQ:MYRG) opened at 29.63 on Tuesday. The company has a 50-day moving average price of $34.71 and a 200 day moving average price of $37.78. The firm has a market capitalization of $488.12 million, a P/E ratio of 23.90 and a beta of 0.53. MYR Group has a 1-year low of $21.84 and a 1-year high of $43.77.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.22. The firm had revenue of $300.13 million for the quarter, compared to analysts’ expectations of $300.97 million. MYR Group had a return on equity of 6.91% and a net margin of 1.82%. Analysts expect that MYR Group will post $1.37 earnings per share for the current fiscal year.

In other news, VP Gerald B. Jr. Engen sold 19,853 shares of the company’s stock in a transaction on Tuesday, March 14th. The stock was sold at an average price of $40.41, for a total value of $802,259.73. Following the sale, the vice president now directly owns 86,837 shares in the company, valued at $3,509,083.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gary Ronald Johnson sold 8,000 shares of the company’s stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $40.12, for a total value of $320,960.00. Following the completion of the sale, the director now owns 29,102 shares in the company, valued at $1,167,572.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 36,265 shares of company stock worth $1,450,867. 10.40% of the stock is owned by company insiders. Several hedge funds have recently modified their holdings of the stock. Phocas Financial Corp. increased its stake in shares of MYR Group by 6.5% in the third quarter. Phocas Financial Corp. now owns 329,752 shares of the utilities provider’s stock valued at $9,926,000 after buying an additional 20,108 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of MYR Group during the fourth quarter valued at about $4,320,000. Comerica Bank increased its stake in shares of MYR Group by 4.9% in the fourth quarter. Comerica Bank now owns 17,082 shares of the utilities provider’s stock valued at $645,000 after buying an additional 796 shares in the last quarter. State Street Corp increased its stake in shares of MYR Group by 1.5% in the fourth quarter. State Street Corp now owns 391,327 shares of the utilities provider’s stock valued at $14,745,000 after buying an additional 5,634 shares in the last quarter. Finally, Martingale Asset Management L P increased its stake in shares of MYR Group by 13.2% in the fourth quarter. Martingale Asset Management L P now owns 97,531 shares of the utilities provider’s stock valued at $3,675,000 after buying an additional 11,346 shares in the last quarter. Institutional investors and hedge funds own 92.99% of the company’s stock.

About MYR Group MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:MYRG”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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