MYR Group (NASDAQ:MYRG) Raised to Strong-Buy at Zacks Research

MYR Group (NASDAQ:MYRG) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research analysts also recently weighed in on the stock. Oppenheimer restated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a research report on Monday, May 4th. Robert W. Baird set a $375.00 target price on shares of MYR Group in a report on Thursday, July 30th. Jefferies Financial Group set a $392.00 price target on shares of MYR Group in a research report on Friday, July 10th. Finally, Cantor Fitzgerald lifted their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Two research 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $426.00.

MYR Group Stock Performance

Shares of MYRG opened at $329.94 on Monday. MYR Group has a one year low of $171.51 and a one year high of $503.57. The company has a market cap of $5.14 billion, a PE ratio of 31.30 and a beta of 1.34. The stock has a 50-day moving average of $412.97 and a 200-day moving average of $354.56. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to analysts’ expectations of $995.74 million. During the same period last year, the business earned $1.70 EPS. MYR Group’s quarterly revenue was up 20.1% compared to the same quarter last year. On average, equities research analysts predict that MYR Group will post 12.35 EPS for the current fiscal year.

Insider Buying and Selling at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the 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 completion of the sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 transaction, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of MYR Group during the 2nd quarter valued at $1,232,294,000. Wellington Management Group LLP boosted its holdings in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after buying an additional 396,502 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of MYR Group in the 4th quarter worth about $47,012,000. Bank of New York Mellon Corp bought a new position in MYR Group during the second quarter valued at about $53,361,000. Finally, Invesco Ltd. grew its position in MYR Group by 59.9% during the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after buying an additional 91,923 shares during the period. 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.