MYR Group, Inc. (NASDAQ:MYRG) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been assigned a consensus rating of “Moderate Buy” from the eight analysts that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $358.1667.

MYRG has been the topic of a number of research reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. The Goldman Sachs Group lifted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald lifted their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a research note on Thursday, April 30th.

MYR Group Stock Down 1.3%

MYR Group stock opened at $445.66 on Friday. The company’s 50 day simple moving average is $381.31 and its 200 day simple moving average is $292.78. MYR Group has a fifty-two week low of $158.48 and a fifty-two week high of $484.71. The firm has a market capitalization of $6.94 billion, a price-to-earnings ratio of 49.14 and a beta of 1.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the previous year, the firm posted $1.45 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts anticipate that MYR Group will post 10.59 EPS for the current year.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.90% of the company’s stock.

Institutional Trading of MYR Group

A number of institutional investors have recently made changes to their positions in the business. Parallel Advisors LLC lifted its position in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Glenmede Trust Co. NA lifted its position in shares of MYR Group by 2.2% in the first quarter. Glenmede Trust Co. NA now owns 4,597 shares of the utilities provider’s stock worth $1,298,000 after purchasing an additional 100 shares in the last quarter. Axiom Investment Management LLC bought a new stake in shares of MYR Group in the first quarter worth $1,412,000. Bank of America Corp DE lifted its position in shares of MYR Group by 4.2% in the first quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock worth $39,697,000 after purchasing an additional 5,667 shares in the last quarter. Finally, Altshuler Shaham Ltd bought a new stake in shares of MYR Group in the first quarter worth $560,000. 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.