MYR Group (NASDAQ:MYRG) Earns Overweight Rating from Analysts at Cantor Fitzgerald

Cantor Fitzgerald began coverage on shares of MYR Group (NASDAQ:MYRG) in a research report report published on Friday morning, Marketbeat.com reports. The firm issued an overweight rating and a $285.00 target price on the utilities provider’s stock.

A number of other equities analysts have also commented on MYRG. The Goldman Sachs Group lifted their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Stifel Nicolaus lifted their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus target price of $213.57.

MYR Group Trading Down 2.2%

NASDAQ:MYRG opened at $244.60 on Friday. The company’s 50 day moving average is $226.49 and its 200-day moving average is $207.31. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a 12 month low of $97.72 and a 12 month high of $263.48. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 39.52 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The business had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. MYR Group’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.65 EPS. Equities analysts anticipate that MYR Group will post 1.16 EPS for the current year.

Insider Activity

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the transaction, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in shares of MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after purchasing an additional 47 shares during the period. Bank of Montreal Can boosted its stake in MYR Group by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock valued at $742,000 after buying an additional 56 shares in the last quarter. MAI Capital Management grew its position in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the period. Inspire Investing LLC raised its stake in MYR Group by 2.6% during the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after acquiring an additional 56 shares in the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares during the period. Institutional investors own 88.90% of the company’s stock.

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.