MYR Group (NASDAQ:MYRG) Cut to “Buy” at Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of MYR Group (NASDAQ:MYRG – Free Report) from a strong-buy rating to a buy rating in a report released on Saturday morning.

MYRG has been the subject of a number of other reports. Robert W. Baird set a $375.00 target price on MYR Group in a research report on Thursday, July 30th. Stifel Nicolaus set a $503.00 price target on MYR Group in a research note on Monday, May 4th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Cantor Fitzgerald upped their price objective on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research report on Monday, May 11th. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $426.00.

Get Our Latest Stock Report on MYR Group

MYR Group Stock Performance

Shares of NASDAQ:MYRG opened at $330.31 on Friday. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57. The company’s 50 day moving average price is $415.38 and its two-hundred day moving average price is $354.05. The firm has a market cap of $5.14 billion, a PE ratio of 31.34 and a beta of 1.34. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG – Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the business earned $1.70 earnings per share. The firm’s quarterly revenue was up 20.1% on a year-over-year basis. Equities research analysts predict that MYR Group will post 12.35 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value 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 trade represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% 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

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in MYR Group during the 2nd quarter worth $30,000. Carolina Wealth Advisors LLC bought a new position in MYR Group in the second quarter valued at about $30,000. Parallel Advisors LLC raised its position in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of MYR Group during the second quarter valued at about $70,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 104 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors.

About MYR Group

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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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