MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have received an average rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $389.8333.

A number of brokerages have recently issued reports on MYRG. Jefferies Financial Group set a $392.00 price target on MYR Group in a research note on Friday, July 10th. Robert W. Baird set a $373.00 price objective on MYR Group in a research note on Thursday, April 30th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Cantor Fitzgerald lifted their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th.

MYR Group Stock Performance

MYRG stock opened at $379.17 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57. The stock has a market cap of $5.90 billion, a price-to-earnings ratio of 41.80 and a beta of 1.31. The business’s 50-day moving average is $441.22 and its 200 day moving average is $346.23.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 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 business had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. During the same quarter in the prior year, the firm earned $1.45 earnings per share. The business’s revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts anticipate that MYR Group will post 11.43 EPS for the current fiscal year.

Insider Transactions at MYR Group

In related news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction dated 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 transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently made changes to their positions in MYRG. Wellington Management Group LLP increased its holdings in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after buying an additional 396,502 shares during the last quarter. Massachusetts Financial Services Co. MA acquired a new position in MYR Group in the fourth quarter valued at approximately $47,012,000. Invesco Ltd. lifted its holdings in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Squarepoint Ops LLC grew its position in MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new position in MYR Group in the second quarter worth approximately $13,609,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.