Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Price Target at $358.17

Shares of MYR Group, Inc. (NASDAQ:MYRG) have earned an average recommendation of “Moderate Buy” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $358.1667.

Several research analysts have issued reports on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Cantor Fitzgerald lifted their price target 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. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director 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. 1.90% of the stock is owned by insiders.

Institutional Trading of MYR Group

Hedge funds have recently modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $35,000. Signaturefd LLC raised its position in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Trading Up 4.4%

Shares of MYRG stock opened at $425.08 on Friday. MYR Group has a 12-month low of $159.61 and a 12-month high of $484.71. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average is $393.32 and its 200 day moving average is $299.25. The stock has a market capitalization of $6.62 billion, a P/E ratio of 46.87 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. During the same quarter last year, the company posted $1.45 earnings per share. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. Research analysts expect that MYR Group will post 10.59 earnings per share for the current year.

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.