MYR Group (NASDAQ:MYRG) Reaches New 1-Year High – Should You Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $481.88 and last traded at $482.6390, with a volume of 65899 shares. The stock had previously closed at $471.99.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of recent analyst reports. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research report on Thursday, April 30th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Finally, The Goldman Sachs Group lifted their target price on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Down 2.9%

The company has a market capitalization of $7.24 billion, a PE ratio of 51.27 and a beta of 1.30. 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 business has a fifty day moving average of $364.08 and a 200 day moving average of $285.14.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) 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 company had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same period in the prior year, the firm earned $1.45 earnings per share. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. Equities research analysts anticipate that MYR Group, Inc. will post 10.59 EPS for the current year.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in MYRG. Vanguard Group Inc. boosted its holdings in MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. Fisher Asset Management LLC grew its stake in MYR Group by 0.9% during the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares in the last quarter. Teton Advisors LLC acquired a new stake in MYR Group in the 3rd quarter valued at about $1,248,000. Citigroup Inc. raised its position in MYR Group by 66.3% in the 3rd quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after purchasing an additional 9,911 shares in the last quarter. Finally, New York State Common Retirement Fund grew its position in shares of MYR Group by 119.9% during the third quarter. New York State Common Retirement Fund now owns 34,827 shares of the utilities provider’s stock worth $7,245,000 after buying an additional 18,986 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.