MYR Group (NASDAQ:MYRG) Sets New 12-Month High – Time to Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $481.88 and last traded at $482.6390, with a volume of 65899 shares traded. The stock had previously closed at $471.99.

Analyst Ratings Changes

A number of equities analysts have commented on MYRG shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald boosted their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research report on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Performance

The firm has a market capitalization of $7.50 billion, a price-to-earnings ratio of 53.27 and a beta of 1.30. The company has a 50-day moving average price of $355.84 and a 200-day moving average price of $282.15. 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 (NASDAQ:MYRG) last announced its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the previous year, the business earned $1.45 EPS. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current year.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of MYR Group by 14.7% in the third quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after acquiring an additional 4,203 shares during the last quarter. Teton Advisors LLC acquired a new position in shares of MYR Group in the third quarter worth $1,248,000. Citigroup Inc. raised its holdings in shares of MYR Group by 66.3% during the third quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock worth $5,172,000 after acquiring an additional 9,911 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in MYR Group by 119.9% during the third quarter. New York State Common Retirement Fund now owns 34,827 shares of the utilities provider’s stock valued at $7,245,000 after purchasing an additional 18,986 shares during the last quarter. 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.