MYR Group (NASDAQ:MYRG) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of MYR Group (NASDAQ:MYRG) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Wall Street Zen lowered shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Robert W. Baird set a $375.00 target price on shares of MYR Group in a report on Thursday, July 30th. Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a research report on Friday, July 10th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Finally, Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $426.00.

MYR Group Trading Down 0.1%

NASDAQ:MYRG opened at $329.94 on Monday. MYR Group has a 1 year low of $171.51 and a 1 year high of $503.57. The stock has a market cap of $5.14 billion, a P/E ratio of 31.30 and a beta of 1.34. 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 stock has a 50-day simple moving average of $412.97 and a 200-day simple moving average of $354.56.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The business’s quarterly revenue was up 20.1% on a year-over-year basis. During the same quarter last year, the company earned $1.70 EPS. As a group, analysts anticipate that MYR Group will post 12.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group 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 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 filing with the SEC, which is available at 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 shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MYRG. BlackRock Inc. acquired a new stake in shares of MYR Group in the 2nd quarter valued at approximately $1,232,294,000. Wellington Management Group LLP boosted its stake in shares of MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in MYR Group during the fourth quarter worth $47,012,000. Bank of New York Mellon Corp acquired a new position in MYR Group during the second quarter worth $53,361,000. Finally, Invesco Ltd. raised its position in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.