MYR Group Inc (NASDAQ:MYRG) – Research analysts at KeyCorp cut their FY2020 EPS estimates for shares of MYR Group in a note issued to investors on Wednesday, January 29th. KeyCorp analyst S. Eastman now anticipates that the utilities provider will post earnings of $2.73 per share for the year, down from their prior forecast of $2.82. KeyCorp also issued estimates for MYR Group’s FY2021 earnings at $3.08 EPS.
Several other research firms have also recently issued reports on MYRG. BidaskClub cut MYR Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 14th. Zacks Investment Research cut MYR Group from a “hold” rating to a “sell” rating in a report on Friday, January 10th. Finally, ValuEngine upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $37.50.
MYRG stock opened at $30.13 on Thursday. MYR Group has a 52-week low of $26.99 and a 52-week high of $38.14. The stock’s fifty day simple moving average is $32.37 and its 200-day simple moving average is $32.26. The company has a quick ratio of 1.62, a current ratio of 1.62 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $523.90 million, a price-to-earnings ratio of 14.15 and a beta of 0.90.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. MYR Group had a return on equity of 10.57% and a net margin of 1.83%. The business had revenue of $583.21 million for the quarter, compared to analysts’ expectations of $503.87 million. During the same quarter last year, the firm earned $0.48 earnings per share. The business’s revenue was up 46.0% on a year-over-year basis.
Several institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its stake in shares of MYR Group by 6.7% during the second quarter. BlackRock Inc. now owns 2,681,268 shares of the utilities provider’s stock worth $100,145,000 after purchasing an additional 167,329 shares in the last quarter. Vanguard Group Inc. increased its position in shares of MYR Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 1,040,013 shares of the utilities provider’s stock worth $38,844,000 after acquiring an additional 7,359 shares during the last quarter. Invesco Ltd. increased its position in shares of MYR Group by 38.1% during the second quarter. Invesco Ltd. now owns 286,474 shares of the utilities provider’s stock worth $10,700,000 after acquiring an additional 79,032 shares during the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of MYR Group during the second quarter worth about $8,080,000. Finally, Phocas Financial Corp. increased its position in shares of MYR Group by 24.2% during the third quarter. Phocas Financial Corp. now owns 203,451 shares of the utilities provider’s stock worth $6,365,000 after acquiring an additional 39,670 shares during the last quarter. Institutional investors own 90.85% of the company’s stock.
In related news, Director William A. Koertner sold 1,353 shares of MYR Group stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $35.02, for a total value of $47,382.06. Following the transaction, the director now owns 305,056 shares in the company, valued at $10,683,061.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.50% of the stock is currently owned by company insiders.
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.