MYR Group, Inc. (NASDAQ:MYRG) Receives Average Recommendation of "Hold" from Analysts

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have been assigned a consensus recommendation of "Hold" from the seven brokerages that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $194.50.

Several research firms have weighed in on MYRG. Wall Street Zen cut shares of MYR Group from a "strong-buy" rating to a "buy" rating in a research report on Friday, October 3rd. Stifel Nicolaus lifted their price objective on shares of MYR Group from $210.00 to $226.00 and gave the stock a "buy" rating in a research report on Thursday, October 9th. The Goldman Sachs Group lifted their price objective on shares of MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Weiss Ratings reissued a "hold (c+)" rating on shares of MYR Group in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They set a "hold" rating and a $202.00 target price for the company.

MYR Group Trading Up 5.0%

NASDAQ MYRG opened at $219.63 on Friday. MYR Group has a twelve month low of $97.72 and a twelve month high of $221.17. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 45.85 and a beta of 1.19. The firm's 50 day moving average price is $192.07 and its two-hundred day moving average price is $173.23.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.14. MYR Group had a net margin of 2.21% and a return on equity of 13.16%. The firm had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. During the same period in the previous year, the company posted ($0.91) EPS. The company's quarterly revenue was up 8.6% compared to the same quarter last year. Equities analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently modified their holdings of MYRG. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider's stock valued at $34,215,000 after buying an additional 206,369 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of MYR Group by 97.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider's stock valued at $63,594,000 after buying an additional 172,962 shares during the period. Nuveen LLC acquired a new stake in shares of MYR Group during the 1st quarter valued at $18,511,000. Assenagon Asset Management S.A. boosted its stake in shares of MYR Group by 154.2% during the 3rd quarter. Assenagon Asset Management S.A. now owns 148,455 shares of the utilities provider's stock valued at $30,883,000 after buying an additional 90,051 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of MYR Group during the 2nd quarter valued at $13,609,000. Institutional investors and hedge funds own 88.90% of the company's stock.

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; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.