Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) PT at $451.20

Shares of MYR Group, Inc. (NASDAQ:MYRG) have received an average recommendation of “Moderate Buy” from the eight analysts that are currently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $451.20.

A number of research firms have issued reports on MYRG. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research note on Thursday, July 30th. Weiss Ratings cut shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 2nd. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Finally, The Goldman Sachs Group decreased their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sequoia Financial Advisors LLC acquired a new position in MYR Group in the 2nd quarter worth about $279,000. Tidal Investments LLC grew its holdings in shares of MYR Group by 199.1% during the second quarter. Tidal Investments LLC now owns 47,524 shares of the utilities provider’s stock worth $23,781,000 after purchasing an additional 31,636 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of MYR Group in the second quarter valued at approximately $112,000. NewEdge Advisors LLC raised its holdings in MYR Group by 696.7% in the 2nd quarter. NewEdge Advisors LLC now owns 733 shares of the utilities provider’s stock valued at $367,000 after buying an additional 641 shares during the last quarter. Finally, Nykredit A S acquired a new stake in MYR Group during the 2nd quarter worth approximately $298,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $288.45 on Tuesday. MYR Group has a 1 year low of $176.76 and a 1 year high of $503.57. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 27.37 and a beta of 1.31. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The company’s 50 day simple moving average is $326.21 and its 200 day simple moving average is $361.57.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter last year, the business posted $1.70 EPS. The company’s revenue was up 20.1% compared to the same quarter last year. As a group, research analysts predict that MYR Group will post 12.43 EPS for the current fiscal year.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a holding company that provides specialized electrical construction and infrastructure services in the United States and Canada. Through its operating subsidiaries, the company serves utilities, renewable energy developers, commercial and industrial businesses, government entities and other customers.

Its utility infrastructure operations focus on the construction, maintenance and repair of electric transmission and distribution systems, substations, storm restoration projects and other power-delivery infrastructure.