MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high and low during trading on Wednesday . The company traded as low as $39.69 and last traded at $39.45, with a volume of 3482 shares changing hands. The stock had previously closed at $38.37.
A number of research firms have commented on MYRG. ValuEngine raised MYR Group from a “hold” rating to a “buy” rating in a report on Thursday. Zacks Investment Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 15th. Canaccord Genuity raised their price objective on MYR Group from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Friday, March 9th. Robert W. Baird restated an “outperform” rating on shares of MYR Group in a research report on Thursday, March 8th. Finally, BidaskClub upgraded MYR Group from a “strong sell” rating to a “sell” rating in a research report on Friday, May 4th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $35.83.
The stock has a market cap of $637.95 million, a price-to-earnings ratio of 47.44 and a beta of 0.48. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.00 and a quick ratio of 2.00.
In related news, Director William A. Koertner sold 39,601 shares of MYR Group stock in a transaction dated Thursday, May 3rd. The stock was sold at an average price of $35.00, for a total value of $1,386,035.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman William A. Koertner sold 20,978 shares of MYR Group stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $35.18, for a total value of $738,006.04. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,654 shares of company stock valued at $2,633,482. Company insiders own 4.90% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. Teacher Retirement System of Texas purchased a new position in MYR Group in the fourth quarter worth about $201,000. Leucadia National Corp purchased a new position in MYR Group in the fourth quarter worth about $225,000. Raymond James & Associates purchased a new position in MYR Group in the fourth quarter worth about $236,000. MetLife Investment Advisors LLC purchased a new position in MYR Group in the fourth quarter worth about $246,000. Finally, Louisiana State Employees Retirement System purchased a new position in MYR Group in the fourth quarter worth about $254,000. Institutional investors own 91.29% 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 and the renewable energy industries.
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