MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of “Moderate Buy” by Brokerages

MYR Group, Inc. (NASDAQ:MYRG) has been given an average recommendation of “Moderate Buy” by the eight brokerages that are covering the stock, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $451.20.

Several equities research analysts have recently issued reports on MYRG shares. Stifel Nicolaus set a $503.00 price target on shares of MYR Group in a research note on Monday, May 4th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, August 16th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Robert W. Baird set a $375.00 price target on MYR Group in a research report on Thursday, July 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th.

Insider Activity

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

Institutional Investors Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently bought and sold shares of MYRG. Kilter Group LLC purchased a new position in MYR Group during the second quarter valued at approximately $25,000. Bank of Montreal Can increased its stake in shares of MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after purchasing an additional 50 shares in the last quarter. Global Retirement Partners LLC bought a new stake in shares of MYR Group during the 2nd quarter valued at $30,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group during the 2nd quarter valued at $30,000. Finally, Captrust Financial Advisors boosted its holdings in MYR Group by 0.7% in the 4th 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 period. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

MYRG opened at $318.00 on Friday. MYR Group has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The firm has a 50-day moving average of $398.41 and a 200 day moving average of $358.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $4.95 billion, a P/E ratio of 30.17 and a beta of 1.34.

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 the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The company’s revenue for the quarter was up 20.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.70 earnings per share. On average, research analysts expect that MYR Group will post 12.43 EPS for the current year.

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.