MYR Group (NASDAQ:MYRG) Sets New 52-Week High – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $502.08 and last traded at $501.13, with a volume of 386856 shares trading hands. The stock had previously closed at $477.95.

Analysts Set New Price Targets

MYRG has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group lifted their price target on MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Robert W. Baird set a $373.00 price objective on MYR Group in a research report on Thursday, April 30th. Finally, Cantor Fitzgerald increased their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Two equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

MYR Group Trading Up 4.8%

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. The firm’s 50 day moving average price is $432.29 and its 200 day moving average price is $319.80. The stock has a market capitalization of $7.80 billion, a P/E ratio of 55.25 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. During the same period last year, the firm earned $1.45 earnings per share. MYR Group’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts expect that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director directly 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 currently owned by company insiders.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the period. Parallel Advisors LLC lifted its holdings in MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after buying an additional 79 shares during the period. Acumen Wealth Advisors LLC purchased a new stake in MYR Group in the fourth quarter worth about $35,000. Signaturefd LLC boosted its position in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares in the last quarter. Finally, Hantz Financial Services Inc. boosted its position in MYR Group by 271.2% during the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after acquiring an additional 160 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

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.