MYR Group (NASDAQ:MYRG) Sets New 52-Week High – Time to Buy?
by Teresa Graham · The Cerbat GemMYR Group, Inc. (NASDAQ:MYRG – Get Free Report)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $478.02 and last traded at $471.73, with a volume of 6193 shares. The stock had previously closed at $467.97.
Wall Street Analyst Weigh In
A number of analysts recently commented on the company. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday. The Goldman Sachs Group boosted their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a report on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $328.86.
Read Our Latest Analysis on MYRG
MYR Group Trading Up 0.7%
The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a market cap of $7.34 billion, a P/E ratio of 51.94 and a beta of 1.30. The stock has a 50-day moving average price of $318.20 and a 200-day moving average price of $265.91.
MYR Group (NASDAQ:MYRG – Get Free Report) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating 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 business had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same period last year, the firm posted $1.45 earnings per share. MYR Group’s quarterly revenue was up 20.0% on a year-over-year basis. On average, equities research analysts expect that MYR Group, Inc. will post 10.59 EPS for the current year.
Institutional Trading of MYR Group
Hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC increased its stake in MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after acquiring an additional 47 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after purchasing an additional 50 shares in the last quarter. Captrust Financial Advisors increased its position in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after purchasing an additional 61 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of MYR Group by 2.2% during the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after acquiring an additional 62 shares in the last quarter. Finally, Signaturefd LLC grew its position in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the last quarter. 88.90% of the stock is owned by institutional investors.
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.