MYR Group (NASDAQ:MYRG) Sets New 52-Week High – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG)’s share price reached a new 52-week high on Tuesday . The company traded as high as $502.08 and last traded at $501.13, with a volume of 386856 shares. The stock had previously closed at $477.95.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of analyst reports. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday, May 4th. Cantor Fitzgerald raised their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and an average price target of $358.17.

MYR Group Price Performance

The stock has a 50-day moving average price of $438.33 and a two-hundred day moving average price of $323.40. 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 stock has a market cap of $7.21 billion, a price-to-earnings ratio of 51.06 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The business had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. During the same quarter last year, the company earned $1.45 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

Insider Buying and Selling

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. The trade was a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On MYR Group

Several hedge funds have recently made changes to their positions in the company. Bank of Montreal Can lifted its position in MYR Group by 0.8% during the 4th quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after acquiring an additional 50 shares during the period. Captrust Financial Advisors increased its holdings in shares of MYR Group by 0.7% in the fourth quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after purchasing an additional 61 shares during the period. Cetera Investment Advisers raised its stake in shares of MYR Group by 2.2% in the fourth quarter. Cetera Investment Advisers now owns 2,837 shares of the utilities provider’s stock worth $620,000 after purchasing an additional 62 shares during the last quarter. Signaturefd LLC raised its stake in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 65 shares during the last quarter. Finally, Great Lakes Advisors LLC lifted its holdings in shares of MYR Group by 0.6% during the fourth quarter. Great Lakes Advisors LLC now owns 11,581 shares of the utilities provider’s stock worth $2,530,000 after purchasing an additional 66 shares during the period. 88.90% of the stock is owned by institutional investors and hedge funds.

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.