MYR Group (NASDAQ:MYRG) Lowered to Buy Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded MYR Group from “strong buy” to “buy,” though the broader analyst consensus remains “Moderate Buy” with an average price target of $451.20.
• MYR Group reported strong quarterly results, with EPS of $3.17 beating estimates by $0.55 and revenue rising 20.1% year over year to $1.08 billion.
• The stock opened at $294.42, well below its 52-week high of $503.57, while two directors recently sold a combined 18,175 shares; institutional investors own 88.9% of outstanding shares.

MYR Group (NASDAQ:MYRG - Get Free Report) was downgraded by analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the stock. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Oppenheimer restated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. Cantor Fitzgerald upped their target price on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. The Goldman Sachs Group dropped their target price on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Finally, Jefferies Financial Group set a $392.00 price target on MYR Group in a research report on Friday, July 10th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and an average price target of $451.20.

MYR Group Price Performance

NASDAQ MYRG opened at $294.42 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market cap of $4.58 billion, a price-to-earnings ratio of 27.93 and a beta of 1.34. The business has a 50 day simple moving average of $380.81 and a 200 day simple moving average of $359.67. MYR Group has a 52-week low of $171.51 and a 52-week high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter last year, the business posted $1.70 EPS. The company's revenue for the quarter was up 20.1% on a year-over-year basis. Analysts anticipate that MYR Group will post 12.43 earnings per share for the current fiscal year.

Insider Transactions at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares of the company's stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company's stock.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently bought and sold shares of MYRG. Royal Bank of Canada boosted its stake in shares of MYR Group by 20.8% during the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider's stock worth $1,447,000 after acquiring an additional 2,205 shares during the period. AQR Capital Management LLC raised its stake in MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider's stock valued at $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. lifted its holdings in MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider's stock valued at $22,998,000 after purchasing an additional 1,437 shares during the last quarter. Cetera Investment Advisers acquired a new stake in MYR Group during the 2nd quarter valued at $221,000. Finally, Invesco Ltd. boosted its position in MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider's stock worth $27,855,000 after purchasing an additional 32,544 shares during the period. Institutional investors own 88.90% of the company's stock.

MYR Group Company Profile

MYR Group Inc NASDAQ: MYRG is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source