MYR Group (NASDAQ:MYRG) Sets New 52-Week High – Here’s What Happened

MYR Group, Inc. (NASDAQ:MYRG) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $256.65 and last traded at $255.3850, with a volume of 209975 shares. The stock had previously closed at $247.17.

Analysts Set New Price Targets

MYRG has been the subject of several analyst reports. Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research note on Monday, December 29th. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Stifel Nicolaus lifted their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus target price of $201.67.

MYR Group Trading Up 4.0%

The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The firm’s fifty day moving average is $225.07 and its two-hundred day moving average is $205.91. The firm has a market cap of $3.99 billion, a P/E ratio of 41.51 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, topping the consensus estimate of $1.82 by $0.23. The firm had revenue of $950.40 million during the quarter, compared to analysts’ expectations 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 period last year, the company posted $0.65 EPS. Analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada grew its stake in MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after purchasing an additional 2,205 shares during the period. AQR Capital Management LLC lifted its position in MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after buying an additional 6,044 shares during the period. Goldman Sachs Group Inc. boosted 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 valued at $22,998,000 after buying an additional 1,437 shares in the last quarter. Strs Ohio purchased a new stake in shares of MYR Group in the 1st quarter worth about $339,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of MYR Group in the 2nd quarter worth about $383,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

About MYR Group

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.