Canaccord Genuity Initiates Coverage on MYR Group Inc to Buy

Canaccord Genuity Initiates Coverage on MYR Group Inc(NASDAQ:MYRG). The shares have been rated Buy. The rating by Canaccord Genuity was issued on Apr 11, 2016.

In a different note, On Mar 8, 2016, FBR Capital said it Maintains its rating on MYR Group Inc. In the research note, the firm Raises the price-target to $25.00 per share. The shares have been rated ‘Market Perform’ by the firm. On Mar 4, 2016, Avondale Partners said it Maintains its rating on MYR Group Inc. In the research note, the firm Raises the price-target to $27.00 per share. The shares have been rated ‘Market Outperform’ by the firm.

MYR Group Inc (MYRG) made into the market gainers list on Fridays trading session with the shares advancing 0.60% or 0.15 points. Due to strong positive momentum, the stock ended at $25.23, which is also near the day’s high of $25.32. The stock began the session at $24.98 and the volume stood at 1,58,911 shares. The 52-week high of the shares is $31.92 and the 52 week low is $17.77. The company has a current market capitalization of $490 M and it has 1,94,37,086 shares in outstanding.

MYR Group Inc(MYRG) last announced its earnings results on Mar 3, 2016 for Fiscal Year 2015 and Q4.Earnings per share were $0.29.

Several Insider Transactions has been reported to the SEC. On Sep 14, 2015, William H. Green (Senior VP) sold 32,000 shares at $27.02 per share price.Also, On Mar 30, 2015, William A Koertner (Chairman, President and CEO) sold 19,732 shares at $32.00 per share price.On Mar 16, 2015, Richard S. Jr. Swartz (COO and Senior VP) sold 11,577 shares at $28.19 per share price, according to the Form-4 filing with the securities and exchange commission.

MYR Group Inc. is a holding company which provides specialty electrical construction services through its subsidiaries. The Company performs construction services in two business segments: Transmission and Distribution (T&D) and Commercial and Industrial (C&I). T&D segment provides solutions to customers in the electric utility industry and the renewable energy industry. The Company also provides C&I electrical contracting services to property owners and general contractors in the western United States. The Company’s wholly owned subsidiaries include The L. E. Myers Co. Harlan Electric Company Hawkeye Construction Inc. Great Southwestern Construction Inc. Sturgeon Electric Company Inc. MYR Transmission Services Inc. MYR Group Construction Canada Ltd. MYR Transmission Services Canada Ltd. and Northern Transmission Services Ltd. The Company also provides electrical construction services and limited gas construction services.

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