MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price reached a new 52-week high during trading on Wednesday . The company traded as high as $486.79 and last traded at $482.3850, with a volume of 47221 shares trading hands. The stock had previously closed at $468.00.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a research note on Thursday, April 30th. The Goldman Sachs Group boosted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Finally, Cantor Fitzgerald lifted their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Two 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 company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $358.17.

MYR Group Stock Up 3.7%

The company has a market cap of $7.59 billion, a price-to-earnings ratio of 53.73 and a beta of 1.32. The firm’s fifty day simple moving average is $425.42 and its 200 day simple moving average is $316.14. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate 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 was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.45 earnings per share. Sell-side analysts predict that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insider Activity at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s 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 completion of the transaction, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on 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 ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Institutional Trading of MYR Group

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of MYR Group by 212.2% in the 4th 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 during the period. Parallel Advisors LLC increased its position in MYR Group by 207.9% during 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 valued at approximately $35,000. Signaturefd LLC lifted its stake in MYR Group by 65.7% in 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. lifted its stake in MYR Group by 271.2% in the fourth 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 during the last quarter. Institutional investors and hedge funds 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.