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

MYR Group, Inc. (NASDAQ:MYRG) has received an average recommendation of “Moderate Buy” from the eight ratings firms that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $358.1667.

Several research analysts have recently issued reports on MYRG shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. Cantor Fitzgerald raised their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research note on Monday, May 4th.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its stake in MYR Group by 12.7% during the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 47 shares during the last quarter. Bank of Montreal Can boosted its stake in MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after acquiring an additional 50 shares during the last quarter. Captrust Financial Advisors boosted its stake in MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after acquiring an additional 61 shares during the last quarter. Cetera Investment Advisers boosted its stake in MYR Group by 2.2% during the 4th quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after acquiring an additional 62 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 1.3%

Shares of NASDAQ:MYRG opened at $445.66 on Friday. MYR Group has a 12 month low of $158.48 and a 12 month high of $484.71. The company’s 50-day moving average price is $381.31 and its two-hundred day moving average price is $292.78. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market cap of $6.94 billion, a P/E ratio of 49.14 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.45 EPS. As a group, research analysts forecast that MYR Group will post 10.59 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.