MYR Group Sees Unusually High Options Volume (NASDAQ:MYRG)

MYR Group, Inc. (NASDAQ:MYRG) was the target of some unusual options trading on Wednesday. Stock traders acquired 2,330 put options on the stock. This represents an increase of approximately 4,655% compared to the typical volume of 49 put options.

Analyst Ratings Changes

Several research analysts recently commented on the company. Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Robert W. Baird set a $373.00 price target on MYR Group in a report on Thursday, April 30th. Finally, The Goldman Sachs Group lifted their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Trading Up 0.7%

Shares of NASDAQ:MYRG traded up $3.20 during trading on Wednesday, reaching $449.97. 26,485 shares of the company were exchanged, compared to its average volume of 266,623. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm has a market capitalization of $7.01 billion, a PE ratio of 49.61 and a beta of 1.32. The business’s fifty day simple moving average is $402.95 and its 200-day simple moving average is $304.13. MYR Group has a 12-month low of $165.00 and a 12-month high of $484.71.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the previous year, the business earned $1.45 earnings per share. MYR Group’s quarterly revenue was up 20.0% on a year-over-year basis. On average, research analysts anticipate that MYR Group will post 10.92 EPS for the current year.

Insider Activity at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

Institutional Trading of MYR Group

Hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC grew its stake in MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after purchasing an additional 47 shares during the last quarter. Bank of Montreal Can grew its stake in MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after purchasing an additional 50 shares during the last quarter. Captrust Financial Advisors grew its stake in MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after purchasing an additional 61 shares during the last quarter. Cetera Investment Advisers grew its stake in MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock valued at $620,000 after purchasing an additional 62 shares during the last quarter. Finally, Signaturefd LLC grew its stake in MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.