MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Still a Buy?

Shares of MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week high on Monday . The company traded as high as $331.28 and last traded at $328.6210, with a volume of 190521 shares traded. The stock had previously closed at $329.33.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. The Goldman Sachs Group increased their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Finally, Stifel Nicolaus set a $351.00 price target on shares of MYR Group in a research report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $242.00.

MYR Group Stock Down 0.5%

The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 43.51 and a beta of 1.07. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.08. The stock’s 50-day moving average price is $279.92 and its 200-day moving average price is $244.79.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The company had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. During the same period in the previous year, the business earned $0.99 EPS. The firm’s revenue was up 17.3% compared to the same quarter last year. On average, sell-side analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Institutional Trading of MYR Group

Several large investors have recently modified their holdings of MYRG. Farther Finance Advisors LLC lifted its position in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of MYR Group in the 3rd quarter valued at about $34,000. Acumen Wealth Advisors LLC acquired a new stake in shares of MYR Group in the 4th quarter valued at about $35,000. Signaturefd LLC increased its position in MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares in the last quarter. Finally, First Horizon Corp acquired a new position in MYR Group during the 3rd quarter worth approximately $47,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Company Profile

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.