MYR Group, Inc. (NASDAQ:MYRG) Receives $218.71 Consensus Target Price from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has been given an average recommendation of “Moderate Buy” by the ten ratings firms that are currently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $235.4286.

Several equities analysts recently commented on the company. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Stifel Nicolaus upped their price objective on MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research report on Tuesday. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Finally, Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th.

Institutional Trading of MYR Group

Several institutional investors have recently modified their holdings of MYRG. Royal Bank of Canada grew its position in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after buying an additional 2,205 shares during the last quarter. AQR Capital Management LLC boosted its stake in MYR Group by 124.5% in the first 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 in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of MYR Group by 0.7% during the first 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 last quarter. Ethic Inc. purchased a new position in shares of MYR Group during the second quarter worth about $301,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of MYR Group during the second quarter worth about $218,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 1.4%

Shares of MYR Group stock opened at $269.72 on Friday. MYR Group has a 52-week low of $97.72 and a 52-week high of $290.87. The company has a 50 day moving average of $250.77 and a 200 day moving average of $221.85. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $4.19 billion, a P/E ratio of 35.82 and a beta of 1.15.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. During the same period in the prior year, the firm posted $0.99 EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, research analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

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.