MYR Group (NASDAQ:MYRG) Stock Rating Upgraded by Wall Street Zen

MYR Group (NASDAQ:MYRG) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a note issued to investors on Sunday.

Several other equities research analysts have also recently commented on the stock. Robert W. Baird set a $375.00 price target on shares of MYR Group in a research report on Thursday, July 30th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday, July 10th. The Goldman Sachs Group lowered their target price on MYR Group from $469.00 to $422.00 and set a “neutral” rating on the stock in a research report on Thursday. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Finally, Stifel Nicolaus set a $503.00 price target on MYR Group in a research report on Monday, May 4th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, MYR Group presently has an average rating of “Moderate Buy” and an average target price of $451.20.

MYR Group Price Performance

NASDAQ MYRG opened at $340.78 on Friday. The firm’s 50 day moving average is $404.17 and its 200-day moving average is $356.93. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $5.31 billion, a PE ratio of 32.33 and a beta of 1.34. MYR Group has a 12-month low of $171.51 and a 12-month high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, topping the consensus estimate of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm’s revenue was up 20.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.70 earnings per share. Equities research analysts anticipate that MYR Group will post 12.43 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, 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 SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Kilter Group LLC acquired a new stake in shares of MYR Group during the second quarter worth $25,000. Bank of Montreal Can increased its position in MYR Group by 0.8% during the fourth 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. Global Retirement Partners LLC bought a new position in MYR Group during the second quarter worth about $30,000. Carolina Wealth Advisors LLC acquired a new stake in MYR Group in the 2nd quarter worth about $30,000. Finally, Captrust Financial Advisors raised its stake in MYR Group by 0.7% in the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock worth $1,869,000 after purchasing an additional 61 shares in the last quarter. Institutional investors 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.