MYR Group, Inc. (NASDAQ:MYRG) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of MYR Group, Inc. (NASDAQ:MYRG) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $358.1667.

Several analysts have issued reports on the company. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a research note on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th.

MYR Group Stock Up 0.2%

MYRG opened at $419.78 on Thursday. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The company’s 50-day moving average price is $447.46 and its two-hundred day moving average price is $330.87. The stock has a market cap of $6.54 billion, a price-to-earnings ratio of 46.28 and a beta of 1.31. 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 issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same quarter last year, the business posted $1.45 EPS. MYR Group’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts expect that MYR Group will post 11.43 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in MYR Group by 3.5% during the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after acquiring an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd purchased a new stake in MYR Group in the 4th quarter worth approximately $3,525,000. Teton Advisors LLC purchased a new stake in MYR Group in the 3rd quarter worth approximately $1,248,000. Vanguard Group Inc. boosted its holdings in MYR Group by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares during the period. Finally, Citigroup Inc. grew its position in shares of MYR Group by 66.3% during the 3rd quarter. Citigroup Inc. now owns 24,861 shares of the utilities provider’s stock valued at $5,172,000 after purchasing an additional 9,911 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.