MYR Group, Inc. (NASDAQ:MYRG) Receives Consensus Recommendation of “Moderate Buy” from Analysts

MYR Group, Inc. (NASDAQ:MYRG) has received an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three 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 objective among brokerages that have covered the stock in the last year is $451.20.

MYRG has been the subject of several research analyst reports. Robert W. Baird set a $375.00 target price on MYR Group in a research note on Thursday, July 30th. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Finally, The Goldman Sachs Group cut their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday, August 13th.

Insider Buying and Selling at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction on 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 directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. 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 firm’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 directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

Institutional Trading of MYR Group

Hedge funds have recently made changes to their positions in the company. Kilter Group LLC acquired a new position in shares of MYR Group in the second quarter valued at approximately $25,000. Global Retirement Partners LLC acquired a new stake in MYR Group during the 2nd quarter worth approximately $30,000. Carolina Wealth Advisors LLC acquired a new stake in MYR Group during the 2nd quarter worth approximately $30,000. Allworth Financial LP acquired a new stake in MYR Group during the 2nd quarter worth approximately $40,000. Finally, Fiduciary Financial Advisors bought a new stake in MYR Group during the 2nd quarter worth approximately $51,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Trading Down 1.1%

Shares of MYRG opened at $309.39 on Friday. MYR Group has a 52-week low of $171.51 and a 52-week high of $503.57. The business’s fifty day moving average is $384.14 and its 200-day moving average is $360.13. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $4.82 billion, a price-to-earnings ratio of 29.35 and a beta of 1.34.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.MYR Group’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.70 EPS. Equities analysts anticipate that MYR Group will post 12.43 EPS for the current fiscal year.

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.