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

by · The Markets Daily

MYR Group, Inc. (NASDAQ:MYRG – Get Free Report) has been given a consensus recommendation of “Moderate Buy” by the nine ratings firms that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $358.1667.

MYRG has been the subject of a number of recent analyst reports. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th.

Check Out Our Latest Research Report on MYRG

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction that occurred 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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, 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 SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently made changes to their positions in MYRG. Royal Bank of Canada raised its stake in MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares during the last quarter. AQR Capital Management LLC grew its stake in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after purchasing an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of MYR Group by 0.7% in the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after purchasing an additional 1,437 shares during the period. Cetera Investment Advisers acquired a new position in shares of MYR Group in the second quarter valued at about $221,000. Finally, Invesco Ltd. raised its stake in shares of MYR Group by 26.9% in the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after purchasing an additional 32,544 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of MYRG opened at $463.11 on Thursday. The company has a 50 day moving average of $438.33 and a two-hundred day moving average of $323.40. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 51.06 and a beta of 1.31.

MYR Group (NASDAQ:MYRG – Get Free Report) 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 return on equity of 22.14% and a net margin of 3.71%.The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same period in the prior year, the firm posted $1.45 earnings per share. The business’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, analysts predict that MYR Group will post 11.43 earnings per share for the current fiscal year.

MYR Group Company Profile

(Get Free Report)

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.

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