Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Price Target at $201.67

MYR Group, Inc. (NASDAQ:MYRG) has earned an average recommendation of “Hold” from the nine research firms that are covering the firm, MarketBeat Ratings reports. Six analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $201.6667.

Several brokerages have recently commented on MYRG. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. Stifel Nicolaus lifted their price objective on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research note on Thursday, October 9th. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 29th.

MYR Group Stock Performance

NASDAQ MYRG opened at $222.39 on Thursday. The stock has a fifty day simple moving average of $223.97 and a 200-day simple moving average of $202.96. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.45 billion, a PE ratio of 35.93 and a beta of 1.18. MYR Group has a twelve month low of $97.72 and a twelve month high of $241.13.

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

Insider Activity

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $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 can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Hedge funds have recently added to or reduced their stakes in the business. Maseco LLP acquired a new position in shares of MYR Group in the second quarter worth $28,000. Salomon & Ludwin LLC purchased a new position in MYR Group in the third quarter valued at $34,000. MAI Capital Management grew its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new position in MYR Group during the 2nd quarter worth $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in MYR Group during the 2nd quarter worth about $34,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.