Shares of MYR Group Inc (NASDAQ:MYRG) have earned a consensus recommendation of “Hold” from the seven brokerages that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $32.33.
MYRG has been the subject of several recent research reports. ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Friday, May 8th. B. Riley raised their price target on shares of MYR Group from $21.00 to $27.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, June 3rd. Robert W. Baird cut shares of MYR Group from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $36.00 to $30.00 in a research report on Friday, April 24th. Finally, BidaskClub cut shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Thursday.
Institutional investors and hedge funds have recently made changes to their positions in the company. Citizens Financial Group Inc RI acquired a new stake in shares of MYR Group in the 4th quarter valued at $52,000. SG Americas Securities LLC acquired a new stake in shares of MYR Group in the 1st quarter valued at $149,000. BNP Paribas Arbitrage SA raised its stake in MYR Group by 49.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,444 shares of the utilities provider’s stock worth $169,000 after acquiring an additional 2,131 shares in the last quarter. Nisa Investment Advisors LLC acquired a new stake in MYR Group during the 1st quarter worth $178,000. Finally, Wedge Capital Management L L P NC acquired a new stake in MYR Group during the 1st quarter worth $212,000. Institutional investors and hedge funds own 90.14% of the company’s stock.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $0.59 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.07. MYR Group had a net margin of 1.90% and a return on equity of 11.27%. The company had revenue of $518.47 million during the quarter, compared to analysts’ expectations of $545.66 million. On average, research analysts forecast that MYR Group will post 2.42 earnings per share for the current fiscal year.
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 industry.
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