MYR Group (NASDAQ:MYRG) Upgraded by Wall Street Zen to “Strong-Buy” Rating

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a research note issued to investors on Sunday morning.

Several other research analysts have also commented on the company. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Weiss Ratings reiterated a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 15th. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 1st. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Finally, Stifel Nicolaus increased their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $201.67.

MYR Group Price Performance

Shares of MYRG opened at $221.15 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The company has a 50 day moving average price of $219.72 and a 200-day moving average price of $197.02. MYR Group has a fifty-two week low of $97.72 and a fifty-two week high of $241.13. The stock has a market capitalization of $3.43 billion, a PE ratio of 35.73 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. MYR Group’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company posted $0.65 earnings per share. Equities analysts predict that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC grew its holdings in shares of MYR Group by 18.4% during the first quarter. Algert Global LLC now owns 5,030 shares of the utilities provider’s stock valued at $569,000 after buying an additional 780 shares during the last quarter. Northern Trust Corp grew its stake in MYR Group by 3.7% during the 1st quarter. Northern Trust Corp now owns 189,843 shares of the utilities provider’s stock valued at $21,469,000 after purchasing an additional 6,687 shares during the last quarter. Wellington Management Group LLP grew its stake in MYR Group by 11.7% during the 1st quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider’s stock valued at $51,141,000 after purchasing an additional 47,445 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of MYR Group in the first quarter valued at about $385,000. Finally, Hsbc Holdings PLC raised its stake in shares of MYR Group by 150.3% in the first quarter. Hsbc Holdings PLC now owns 6,421 shares of the utilities provider’s stock worth $721,000 after purchasing an additional 3,856 shares during 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.