MYR Group (NASDAQ:MYRG) Sets New 1-Year High – What’s Next?

MYR Group, Inc. (NASDAQ:MYRG)’s share price hit a new 52-week high on Thursday . The stock traded as high as $481.88 and last traded at $482.6390, with a volume of 65899 shares changing hands. The stock had previously closed at $471.99.

Analyst Upgrades and Downgrades

MYRG has been the topic of several recent analyst reports. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. 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 note on Monday, May 11th. Zacks Research raised MYR Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 target price on MYR Group in a research note on Monday, May 4th. Finally, The Goldman Sachs Group lifted their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $358.17.

MYR Group Trading Up 2.1%

The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $355.84 and its 200-day moving average is $282.15. The firm has a market cap of $7.50 billion, a P/E ratio of 53.27 and a beta of 1.30.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 earnings per share. As a group, analysts forecast that MYR Group, Inc. will post 10.59 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in the business. Glenmede Trust Co. NA boosted its holdings in MYR Group by 2.2% in 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 during the period. Axiom Investment Management LLC acquired a new position in MYR Group in the first quarter worth $1,412,000. Bank of America Corp DE boosted its holdings in MYR Group by 4.2% in the first quarter. Bank of America Corp DE now owns 140,611 shares of the utilities provider’s stock worth $39,697,000 after purchasing an additional 5,667 shares during the period. Altshuler Shaham Ltd acquired a new position in MYR Group in the first quarter worth $560,000. Finally, Amundi boosted its holdings in MYR Group by 44.3% in the first quarter. Amundi now owns 4,828 shares of the utilities provider’s stock worth $1,363,000 after purchasing an additional 1,482 shares during the period. 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.