MYR Group Inc. (NASDAQ:MYRG) Given Average Rating of "Moderate Buy" by Brokerages

Shares of MYR Group Inc. (NASDAQ:MYRG - Get Free Report) have earned a consensus rating of "Moderate Buy" from the five brokerages that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $157.00.

Several brokerages recently commented on MYRG. The Goldman Sachs Group raised their target price on MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a report on Monday, November 4th. StockNews.com upgraded shares of MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Robert W. Baird upped their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus lifted their price target on shares of MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research note on Wednesday, December 11th.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jacobs Levy Equity Management Inc. acquired a new position in MYR Group during the 3rd quarter worth $24,145,000. Assenagon Asset Management S.A. increased its holdings in MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock valued at $18,978,000 after buying an additional 147,598 shares during the last quarter. TimesSquare Capital Management LLC raised its stake in MYR Group by 178.5% during the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock valued at $21,794,000 after buying an additional 136,643 shares in the last quarter. Millennium Management LLC lifted its holdings in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock worth $23,251,000 after buying an additional 69,886 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of MYR Group by 586.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider's stock worth $7,190,000 after acquiring an additional 60,085 shares in the last quarter. Institutional investors own 88.90% of the company's stock.

MYR Group Trading Down 3.7 %

MYRG stock traded down $5.58 during midday trading on Tuesday, reaching $143.63. 349,927 shares of the company's stock traded hands, compared to its average volume of 208,432. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The business has a 50-day moving average price of $151.75 and a two-hundred day moving average price of $128.12. The company has a market capitalization of $2.32 billion, a P/E ratio of 62.72 and a beta of 0.96.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to analysts' expectations of $917.18 million. During the same period in the prior year, the company earned $1.28 EPS. The firm's revenue was down 5.5% on a year-over-year basis. Equities research analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

About MYR Group

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.