MYR Group (NASDAQ:MYRG) Stock Price Crosses Above 50-Day Moving Average – Time to Sell?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $288.57 and traded as high as $294.19. MYR Group shares last traded at $291.59, with a volume of 220,925 shares.

Analyst Ratings Changes

A number of research firms recently weighed in on MYRG. The Goldman Sachs Group reissued a “neutral” rating and set a $331.00 price target on shares of MYR Group in a research note on Thursday, October 22nd. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 2nd. Jefferies Financial Group raised shares of MYR Group from a “hold” rating to a “buy” rating and lowered their target price for the stock from $377.00 to $370.00 in a report on Tuesday, October 6th. Wall Street Zen cut shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Finally, Robert W. Baird set a $363.00 target price on shares of MYR Group in a research report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $404.20.

MYR Group Trading Up 4.8%

The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $4.54 billion, a P/E ratio of 23.69 and a beta of 1.36. The business has a 50 day moving average price of $288.57 and a 200 day moving average price of $333.97.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 28th. The utilities provider reported $3.82 earnings per share for the quarter, beating analysts’ consensus estimates of $2.97 by $0.85. MYR Group had a net margin of 4.48% and a return on equity of 26.32%. The business had revenue of $1.26 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same period last year, the company posted $2.05 EPS. MYR Group’s revenue for the quarter was up 32.5% on a year-over-year basis. Analysts anticipate that MYR Group, Inc. will post 12.43 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds have recently bought and sold shares of MYRG. BlackRock Inc. acquired a new position in shares of MYR Group in the 2nd quarter valued at $1,232,294,000. Dimensional Fund Advisors LP increased its position in shares of MYR Group by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 376,175 shares of the utilities provider’s stock valued at $106,187,000 after buying an additional 10,198 shares in the last quarter. First Trust Advisors LP increased its position in shares of MYR Group by 23.5% in the 1st quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock valued at $57,518,000 after buying an additional 38,726 shares in the last quarter. Congress Asset Management Co. raised its stake in MYR Group by 94.7% during the 3rd quarter. Congress Asset Management Co. now owns 143,103 shares of the utilities provider’s stock worth $41,852,000 after buying an additional 69,594 shares during the period. Finally, Bank of America Corp DE raised its stake in MYR Group by 4.2% during the 1st quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock worth $39,697,000 after buying an additional 5,667 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc is a holding company that operates specialty electrical infrastructure contracting businesses in the United States and Canada. Its companies provide construction, maintenance, repair and emergency restoration services for electric power infrastructure and other complex electrical systems.

MYR Group operates through two primary segments: Transmission and Distribution and Commercial and Industrial. Its transmission and distribution work includes overhead and underground power lines, substations and related utility infrastructure.