MYR Group (NASDAQ:MYRG) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The brokerage presently has a $42.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 17.81% from the stock’s previous close.
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. “
A number of other equities research analysts have also weighed in on the company. ValuEngine lowered MYR Group from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. TheStreet raised MYR Group from a “c+” rating to a “b-” rating in a report on Thursday, November 16th. BidaskClub lowered MYR Group from a “strong-buy” rating to a “buy” rating in a report on Friday, December 15th. B. Riley lifted their price objective on MYR Group from $28.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, November 16th. Finally, Robert W. Baird set a $41.00 price objective on MYR Group and gave the company a “buy” rating in a report on Wednesday, January 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $36.00.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. MYR Group had a return on equity of 4.90% and a net margin of 1.51%. The company had revenue of $373.50 million for the quarter, compared to analyst estimates of $373.85 million. During the same quarter in the previous year, the company earned $0.48 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. equities research analysts forecast that MYR Group will post 1.88 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the company. Teacher Retirement System of Texas purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $201,000. Crossmark Global Holdings Inc. purchased a new stake in shares of MYR Group during the 3rd quarter worth approximately $207,000. Leucadia National Corp purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $225,000. Municipal Employees Retirement System of Michigan boosted its stake in shares of MYR Group by 40.0% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after acquiring an additional 2,290 shares in the last quarter. Finally, Raymond James & Associates purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $236,000. 89.25% of the stock is currently owned by institutional investors and hedge funds.
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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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