MYR Group, Inc. (NASDAQ:MYRG) Given Consensus Recommendation of “Moderate Buy” by Analysts

MYR Group, Inc. (NASDAQ:MYRG) has earned a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the firm, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, three have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $358.1667.

A number of analysts recently weighed in on MYRG shares. Robert W. Baird set a $373.00 price target on MYR Group in a research note on Thursday, April 30th. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Oppenheimer restated a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Cantor Fitzgerald increased their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th.

MYR Group Stock Down 3.5%

MYRG stock opened at $427.12 on Thursday. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. MYR Group has a twelve month low of $171.51 and a twelve month high of $503.57. The company’s 50 day moving average is $444.39 and its two-hundred day moving average is $327.99. The stock has a market cap of $6.65 billion, a P/E ratio of 47.09 and a beta of 1.31.

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

Insider Transactions at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction 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 transaction, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the company’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 directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On MYR Group

Hedge funds have recently made changes to their positions in the business. Farther Finance Advisors LLC grew its position in MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares in the last quarter. Parallel Advisors LLC raised its position in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 79 shares in the last quarter. Acumen Wealth Advisors LLC purchased a new position in shares of MYR Group during the 4th quarter valued at approximately $35,000. Signaturefd LLC boosted its stake in shares of MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after buying an additional 65 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its position in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares in the last quarter. Hedge funds and other 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.