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

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

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MYRG shares. 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 research report on Monday, May 11th. Robert W. Baird set a $373.00 price target on shares of MYR Group in a research report on Thursday, April 30th. Oppenheimer reiterated a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Stifel Nicolaus set a $503.00 price objective on MYR Group in a research note on Monday, May 4th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Performance

The firm has a fifty day moving average price of $419.09 and a 200 day moving average price of $312.63. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market cap of $7.33 billion, a PE ratio of 51.83 and a beta of 1.32.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the prior year, the firm posted $1.45 earnings per share. MYR Group’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts expect that MYR Group, Inc. will post 10.92 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the 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 owned 5,579 shares of the company’s stock, valued at $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This represents a 15.81% 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.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in MYRG. Empowered Funds LLC purchased a new stake in shares of MYR Group in the 1st quarter valued at approximately $548,000. Militia Capital Management LLC purchased a new stake in shares of MYR Group during the 1st quarter worth $847,000. Parallel Advisors LLC grew its stake in shares of 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 purchasing an additional 79 shares in the last quarter. Glenmede Trust Co. NA grew its stake in shares of MYR Group by 2.2% during the first quarter. Glenmede Trust Co. NA now owns 4,597 shares of the utilities provider’s stock worth $1,298,000 after purchasing an additional 100 shares in the last quarter. Finally, Axiom Investment Management LLC purchased a new position in MYR Group in the first quarter valued at $1,412,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.