MYR Group (NASDAQ:MYRG) Hits New 1-Year High – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week high during trading on Thursday . The stock traded as high as $242.82 and last traded at $240.8730, with a volume of 11997 shares. The stock had previously closed at $229.50.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MYRG. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group upped their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Stifel Nicolaus lifted their target price on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $201.67.

MYR Group Price Performance

The company has a 50 day moving average of $224.44 and a 200 day moving average of $204.74. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 40.45 and a beta of 1.18. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.65 EPS. As a group, equities research analysts forecast that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Royal Bank of Canada grew its position in MYR Group by 20.8% during 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 lifted its stake 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 purchasing an additional 6,044 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after purchasing an additional 1,437 shares during the period. Strs Ohio purchased a new stake in shares of MYR Group during the 1st quarter worth about $339,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in MYR Group during the 2nd quarter worth approximately $383,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.