MYR Group (NASDAQ:MYRG) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a report published on Sunday morning.

MYRG has been the subject of several other research reports. The Goldman Sachs Group lowered their price target on MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a report on Thursday. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Friday, July 17th. Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a report on Friday, July 10th. Finally, Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $451.20.

MYR Group Price Performance

Shares of NASDAQ:MYRG opened at $334.39 on Friday. The company has a market cap of $5.21 billion, a P/E ratio of 31.73 and a beta of 1.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. MYR Group has a 52 week low of $171.51 and a 52 week high of $503.57. The business has a fifty day simple moving average of $406.09 and a 200-day simple moving average of $356.31.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $995.74 million. During the same period in the prior year, the firm posted $1.70 earnings per share. The business’s quarterly revenue was up 20.1% compared to the same quarter last year. Equities research analysts forecast that MYR Group will post 12.43 EPS for the current year.

Insider Activity

In other news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of MYR Group in the second quarter worth $1,232,294,000. Wellington Management Group LLP lifted 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 valued at $223,153,000 after acquiring an additional 396,502 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of MYR Group during the 2nd quarter valued at $53,361,000. Neumeier Poma Investment Counsel LLC purchased a new stake in MYR Group during the 2nd quarter worth $50,008,475,000. Finally, Invesco Ltd. boosted its position in MYR Group by 59.9% during the 3rd quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after purchasing an additional 91,923 shares during the period. 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.