MYR Group, Inc. (NASDAQ:MYRG) Stock Has Consensus Price Target of $424.80 According to Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $424.80.

A number of research firms have recently commented on MYRG. Stifel Nicolaus reduced their price objective on shares of MYR Group from $445.00 to $393.00 and set a “buy” rating on the stock in a research note on Thursday, October 8th. The Goldman Sachs Group cut their target price on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research note on Thursday, August 13th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 29th. Jefferies Financial Group raised shares of MYR Group from a “hold” rating to a “buy” rating and decreased their price target for the company from $377.00 to $370.00 in a research note on Tuesday, October 6th. Finally, Weiss Ratings cut shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 2nd.

MYR Group Stock Performance

Shares of MYR Group stock traded down $5.41 during trading on Friday, reaching $280.16. The company’s stock had a trading volume of 238,858 shares, compared to its average volume of 258,079. The business’s 50-day moving average price is $300.15 and its 200-day moving average price is $364.89. MYR Group has a 52 week low of $190.13 and a 52 week high of $503.57. The firm has a market cap of $4.36 billion, a PE ratio of 26.58 and a beta of 1.32. 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) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm’s quarterly revenue was up 20.1% compared to the same quarter last year. During the same period last year, the firm posted $1.70 earnings per share. Equities analysts forecast that MYR Group will post 12.43 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MYRG. BlackRock Inc. bought a new position in shares of MYR Group during the 2nd quarter valued at about $1,232,294,000. Dimensional Fund Advisors LP boosted its stake in MYR Group by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider’s stock worth $106,187,000 after buying an additional 10,198 shares in the last quarter. Bank of America Corp DE bought a new position in MYR Group during the second quarter valued at approximately $61,365,000. First Trust Advisors LP grew its position in MYR Group by 23.5% during the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock valued at $57,518,000 after acquiring an additional 38,726 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of MYR Group in the 2nd quarter valued at $53,361,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical construction services company serving electric utilities, commercial and industrial customers, and other infrastructure developers. Through its operating subsidiaries, the company provides engineering, procurement, construction, maintenance, and repair services for electrical infrastructure.

Its utility work includes the construction and maintenance of high-voltage transmission lines, distribution systems, substations, and related power-delivery facilities.