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

Key Points

• Wall Street Zen downgraded MYR Group from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $426.
• MYR Group reported a strong quarter, with EPS of $3.17 versus the $2.62 estimate and revenue of $1.08 billion, up 20.1% year over year.
• The stock opened at $337.42, below its 50-day moving average of $417.77, while two directors sold a combined 18,175 shares in June; institutional investors own 88.9% of the company.

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

Other equities analysts have also recently issued reports about the company. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Cantor Fitzgerald lifted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research report on Thursday, July 30th. Zacks Research lowered shares of MYR Group from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 10th. Finally, Oppenheimer restated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $426.00.

MYR Group Stock Up 1.9%

Shares of NASDAQ:MYRG opened at $337.42 on Friday. MYR Group has a 1 year low of $171.51 and a 1 year high of $503.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The business's 50-day moving average is $417.77 and its 200-day moving average is $352.74. The company has a market capitalization of $5.25 billion, a price-to-earnings ratio of 32.01 and a beta of 1.34.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analysts' expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm's revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.70 earnings per share. Equities research analysts predict that MYR Group will post 12.35 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On MYR Group

Institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its holdings in shares of MYR Group by 23.5% in the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider's stock valued at $57,518,000 after acquiring an additional 38,726 shares in the last quarter. Geode Capital Management LLC lifted its holdings in MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after acquiring an additional 13,511 shares during the period. Hel Ved Capital Management Ltd bought a new stake in MYR Group during the fourth quarter worth $3,525,000. Hsbc Holdings PLC lifted its holdings in MYR Group by 45.5% during the first quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider's stock worth $2,542,000 after acquiring an additional 2,856 shares during the period. Finally, Axiom Investment Management LLC purchased a new position in MYR Group in the first quarter worth $1,412,000. 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.

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