MYR Group Inc. (MYRG) Hits New 1-Year High at $29.50
Shares of MYR Group Inc. (NASDAQ:MYRG) hit a new 52-week high during trading on Thursday . The stock traded as high as $29.50 and last traded at $29.46, with a volume of 34,874 shares changing hands. The stock had previously closed at $29.47.
Several analysts recently commented on the company. Robert W. Baird cut MYR Group from an “outperform” rating to a “neutral” rating and upped their target price for the company from $27.00 to $30.00 in a report on Friday, August 12th. Maxim Group upped their target price on MYR Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, August 5th. FBR & Co reiterated a “hold” rating on shares of MYR Group in a report on Tuesday, May 10th. Zacks Investment Research upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Friday, July 15th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $32.00 target price on shares of MYR Group in a report on Sunday, August 7th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. MYR Group presently has an average rating of “Hold” and an average target price of $28.43.
The firm has a 50-day moving average price of $26.34 and a 200 day moving average price of $24.52. The stock has a market cap of $472.44 million and a P/E ratio of 29.73.
MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.02. The company earned $261.90 million during the quarter, compared to the consensus estimate of $279.96 million. During the same quarter last year, the company posted $0.38 earnings per share. The company’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, equities research analysts predict that MYR Group Inc. will post $1.15 EPS for the current fiscal year.
In related news, insider Tod M. Cooper sold 9,212 shares of the firm’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $28.75, for a total transaction of $264,845.00. Following the transaction, the insider now directly owns 34,319 shares of the company’s stock, valued at approximately $986,671.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
An institutional investor recently raised its position in MYR Group stock. Schwab Charles Investment Management Inc. boosted its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 5.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 119,523 shares of the company’s stock after buying an additional 5,977 shares during the period. Schwab Charles Investment Management Inc. owned 0.58% of MYR Group worth $2,464,000 at the end of the most recent quarter.
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). T&D customers include investor-owned utilities, cooperatives, private developers government-funded utilities, independent power producers, independent transmission companies, industrial facility owners and other contractors.
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