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

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given an average rating of “Moderate Buy” by the ten ratings firms that are currently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $218.7143.

MYRG has been the subject of a number of analyst reports. Zacks Research lowered MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Stifel Nicolaus boosted their price target on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th.

Insider Activity at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of MYR Group stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the sale, the chief operating officer directly owned 5,797 shares in the company, valued at $1,353,019.80. The trade was a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MYR Group

Several hedge funds have recently bought and sold shares of MYRG. Royal Bank of Canada lifted its holdings in shares of MYR Group by 20.8% in the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock valued at $1,447,000 after purchasing an additional 2,205 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of MYR Group by 124.5% in the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of MYR Group by 0.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after buying an additional 1,437 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in MYR Group during the 2nd quarter valued at $383,000. Finally, Janney Montgomery Scott LLC grew its stake in MYR Group by 45.7% during the 2nd quarter. Janney Montgomery Scott LLC now owns 3,538 shares of the utilities provider’s stock valued at $642,000 after purchasing an additional 1,110 shares in the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Down 1.8%

MYRG opened at $250.04 on Monday. The company has a 50-day moving average price of $230.36 and a 200 day moving average price of $209.64. MYR Group has a twelve month low of $97.72 and a twelve month high of $263.48. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.88 billion, a PE ratio of 40.39 and a beta of 1.17.

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.