Zacks Research Upgrades MYR Group (NASDAQ:MYRG) to "Strong-Buy"

MYR Group (NASDAQ:MYRG - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a report issued on Tuesday, Zacks reports.

Other analysts also recently issued reports about the stock. Robert W. Baird set a $363.00 price target on shares of MYR Group in a research report on Thursday, October 29th. Weiss Ratings cut shares of MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. The Goldman Sachs Group reiterated a "neutral" rating and set a $331.00 price objective on shares of MYR Group in a research note on Thursday, October 22nd. Wall Street Zen cut MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Finally, Stifel Nicolaus cut their target price on MYR Group from $445.00 to $393.00 and set a "buy" rating for the company in a research report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $397.00.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $263.89 on Tuesday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 21.44 and a beta of 1.36. MYR Group has a twelve month low of $199.30 and a twelve month high of $503.57. The business has a 50 day simple moving average of $287.92 and a 200-day simple moving average of $334.06.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.97 by $0.85. The firm had revenue of $1.26 billion for the quarter, compared to analysts' expectations of $1.16 billion. MYR Group had a return on equity of 26.32% and a net margin of 4.48%. The firm's revenue for the quarter was up 32.5% on a year-over-year basis. During the same period last year, the business posted $2.05 earnings per share. As a group, equities research analysts expect that MYR Group will post 13.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MYRG. BlackRock Inc. bought a new position in MYR Group in the 2nd quarter worth $1,232,294,000. Bank of America Corp DE acquired a new position in MYR Group during the 2nd quarter worth $61,365,000. Bank of New York Mellon Corp bought a new stake in MYR Group during the second quarter valued at about $53,361,000. Neumeier Poma Investment Counsel LLC bought a new stake in MYR Group during the second quarter valued at about $50,008,475. Finally, Congress Asset Management Co. grew its position in shares of MYR Group by 94.7% in the third quarter. Congress Asset Management Co. now owns 143,103 shares of the utilities provider's stock valued at $41,852,000 after purchasing an additional 69,594 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Company Profile

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.

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