MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Should You Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $256.65 and last traded at $255.3850, with a volume of 209975 shares. The stock had previously closed at $247.17.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MYRG. The Goldman Sachs Group raised their target price on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Stifel Nicolaus lifted their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $201.67.

MYR Group Stock Performance

The company has a market capitalization of $3.99 billion, a PE ratio of 41.51 and a beta of 1.18. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The business’s fifty day moving average is $225.07 and its two-hundred day moving average is $205.91.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating the consensus estimate of $1.82 by $0.23. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.The business had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. During the same period last year, the business posted $0.65 EPS. The company’s revenue was up 7.0% compared to the same quarter last year. Equities research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Trading of MYR Group

A number of institutional investors have recently made changes to their positions in MYRG. Smartleaf Asset Management LLC grew its stake in MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of MYR Group by 1.4% in the second quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock valued at $742,000 after purchasing an additional 56 shares during the period. MAI Capital Management grew its stake in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares in the last quarter. Inspire Investing LLC increased its holdings in MYR Group by 2.6% during the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after purchasing an additional 56 shares during the period. Finally, Signaturefd LLC raised its position in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other 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.