Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Target Price at $389.83

MYR Group, Inc. (NASDAQ:MYRG) has received a consensus rating of “Moderate Buy” from the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $426.00.

MYRG has been the subject of a number of analyst reports. Robert W. Baird set a $375.00 price objective on MYR Group in a research note on Thursday. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research report on Monday, May 4th. Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Finally, Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th.

Insider Buying and Selling

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated 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 transaction, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction that occurred 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 transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently bought and sold shares of the business. Bank of Montreal Can raised its holdings in MYR Group by 0.8% in the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock valued at $1,319,000 after acquiring an additional 50 shares in the last quarter. Carolina Wealth Advisors LLC bought a new stake in shares of MYR Group during the 2nd quarter valued at approximately $30,000. Captrust Financial Advisors grew its stake in shares of MYR Group by 0.7% during the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after buying an additional 61 shares during the last quarter. Cetera Investment Advisers grew its position in MYR Group by 2.2% during the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after acquiring an additional 62 shares during the last quarter. Finally, Signaturefd LLC increased its stake in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

Shares of MYRG opened at $333.22 on Monday. The business’s fifty day moving average price is $430.70 and its two-hundred day moving average price is $350.13. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of 31.61 and a beta of 1.34. MYR Group has a 52 week low of $171.51 and a 52 week high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. During the same period last year, the company earned $1.70 earnings per share. The company’s revenue was up 20.1% on a year-over-year basis. On average, analysts predict that MYR Group will post 11.43 earnings per share for the current year.

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.