MYR Group (NASDAQ:MYRG) Sets New 12-Month High – What’s Next?

MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $486.79 and last traded at $482.3850, with a volume of 47221 shares. The stock had previously closed at $468.00.

Analyst Ratings Changes

Several equities research analysts recently weighed in on MYRG shares. Stifel Nicolaus set a $503.00 target price on MYR Group in a research note on Monday, May 4th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Cantor Fitzgerald upped their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Stock Up 0.6%

The business’s fifty day moving average price is $419.09 and its 200 day moving average price is $312.63. The firm has a market capitalization of $7.33 billion, a price-to-earnings ratio of 51.83 and a beta of 1.32. 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 (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm 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 business earned $1.45 EPS. MYR Group’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, equities analysts expect that MYR Group, Inc. will post 10.92 EPS for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On MYR Group

A number of large investors have recently made changes to their positions in MYRG. Farther Finance Advisors LLC grew its position in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC raised its stake in shares of MYR Group by 207.9% during the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Acumen Wealth Advisors LLC acquired a new position in MYR Group in the 4th quarter worth $35,000. Signaturefd LLC boosted its holdings 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. Finally, Hantz Financial Services Inc. grew its stake 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 purchasing an additional 160 shares in the last quarter. 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.