MYR Group (NASDAQ:MYRG) Upgraded at Zacks Research

MYR Group (NASDAQ:MYRG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

MYRG has been the subject of a number of other reports. Wall Street Zen downgraded MYR Group from a “strong-buy” rating to a “buy” rating in a report on Saturday. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald raised their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Robert W. Baird set a $375.00 target price on MYR Group in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $426.00.

MYR Group Price Performance

Shares of MYRG opened at $329.94 on Monday. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The firm’s fifty day simple moving average is $412.97 and its 200-day simple moving average is $354.56. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of 31.30 and a beta of 1.34. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.70 EPS. Equities analysts forecast that MYR Group will post 12.35 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after acquiring an additional 2,205 shares during the period. AQR Capital Management LLC increased its holdings in shares of MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after acquiring an additional 1,437 shares during the period. Cetera Investment Advisers purchased a new stake in MYR Group in the 2nd quarter valued at $221,000. Finally, Invesco Ltd. raised its position in MYR Group by 26.9% in the 2nd quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock valued at $27,855,000 after purchasing an additional 32,544 shares during the last quarter. Institutional investors and hedge funds 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.