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

Shares of MYR Group, Inc. (NASDAQ:MYRG) have earned a consensus recommendation of “Moderate Buy” from the nine research firms that are covering the stock, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $358.1667.

MYRG has been the topic of several recent research reports. Cantor Fitzgerald increased their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Finally, Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research note on Thursday, April 30th.

Insiders Place Their Bets

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on 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 sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its position in 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 purchasing an additional 104 shares in the last quarter. Parallel Advisors LLC raised 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 purchasing an additional 79 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new stake in shares of MYR Group during the fourth quarter valued at about $35,000. Signaturefd LLC lifted its position 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 buying an additional 65 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its holdings in shares of MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of MYRG stock opened at $463.11 on Thursday. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $438.33 and a two-hundred day simple moving average of $323.40. The stock has a market capitalization of $7.21 billion, a price-to-earnings ratio of 51.06 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.45 earnings per share. On average, analysts predict that MYR Group will post 11.43 EPS for the current fiscal 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.