MYR Group (NASDAQ:MYRG) announced that its board has initiated a stock buyback program, which permits the company to buyback $20.00 million in shares on Wednesday, August 2nd, EventVestor reports. This buyback authorization permits the utilities provider to repurchase up to 3.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
MYRG has been the subject of several recent analyst reports. TheStreet downgraded shares of MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. Zacks Investment Research raised shares of MYR Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 18th. FBR & Co reaffirmed an “outperform” rating and set a $37.00 price objective (down from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. Finally, Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Monday, May 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $37.80.
Shares of MYR Group (NASDAQ MYRG) opened at 26.02 on Friday. The company has a market capitalization of $428.65 million, a P/E ratio of 21.33 and a beta of 0.35. MYR Group has a 12-month low of $24.54 and a 12-month high of $43.77. The company’s 50 day moving average is $31.06 and its 200 day moving average is $35.68.
MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.27. The firm had revenue of $356.20 million for the quarter, compared to analyst estimates of $310.57 million. MYR Group had a return on equity of 8.08% and a net margin of 1.74%. MYR Group’s quarterly revenue was up 36.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. Analysts expect that MYR Group will post $1.37 earnings per share for the current fiscal year.
In related news, Director Kenneth Michael Hartwick acquired 1,000 shares of the firm’s stock in a transaction on Friday, June 2nd. The shares were purchased at an average cost of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now directly owns 2,625 shares in the company, valued at $78,172.50. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the company’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the vice president now owns 68,295 shares in the company, valued at $2,048,850. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,482 shares of company stock worth $1,036,842. 5.00% of the stock is owned by corporate insiders.
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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.
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