MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Here’s Why

Shares of MYR Group, Inc. (NASDAQ:MYRG) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $242.82 and last traded at $240.8730, with a volume of 11997 shares changing hands. The stock had previously closed at $229.50.

Analyst Ratings Changes

Several brokerages have recently weighed in on MYRG. Stifel Nicolaus lifted their price target on MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a research report on Thursday, October 9th. Clear Str upgraded MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. The Goldman Sachs Group upped their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, KeyCorp reaffirmed a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, MYR Group has an average rating of “Hold” and a consensus target price of $201.67.

MYR Group Stock Up 6.4%

The stock’s fifty day moving average price is $223.88 and its 200 day moving average price is $203.99. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.79 billion, a P/E ratio of 39.44 and a beta of 1.18.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The company had revenue of $950.40 million during the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 EPS. As a group, research analysts forecast that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Don A. Egan sold 2,900 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.80% of the company’s stock.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. J. Safra Sarasin Holding AG lifted its holdings in MYR Group by 55.7% in the 2nd quarter. J. Safra Sarasin Holding AG now owns 27,694 shares of the utilities provider’s stock worth $5,025,000 after buying an additional 9,909 shares during the period. CWA Asset Management Group LLC bought a new position in shares of MYR Group during the third quarter valued at approximately $1,506,000. HB Wealth Management LLC purchased a new stake in MYR Group in the second quarter worth $224,000. Vanguard Personalized Indexing Management LLC purchased a new stake in MYR Group in the second quarter worth $211,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in MYR Group by 29.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 48,685 shares of the utilities provider’s stock valued at $8,797,000 after acquiring an additional 11,107 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.