MYR Group (NASDAQ:MYRG) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of MYR Group (NASDAQ:MYRG) from a strong-buy rating to a buy rating in a report released on Saturday morning,Wall Street Zen reports.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus set a $503.00 target price on MYR Group in a research note on Monday, May 4th. Cantor Fitzgerald increased their price target on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Zacks Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Two 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

MYR Group Price Performance

Shares of MYRG opened at $291.42 on Friday. The company has a market cap of $4.54 billion, a P/E ratio of 27.65 and a beta of 1.34. MYR Group has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. 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 firm’s 50 day moving average price is $376.97 and its 200 day moving average price is $360.46.

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

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the sale, the director directly owned 5,579 shares of the company’s stock, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The sale was disclosed in a filing 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 dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the transaction, the director directly 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 SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently made changes to their positions in MYRG. California State Teachers Retirement System lifted its stake in MYR Group by 49,257.6% during the second quarter. California State Teachers Retirement System now owns 9,012,704 shares of the utilities provider’s stock worth $4,509,957,000 after purchasing an additional 8,994,444 shares during the last quarter. BlackRock Inc. acquired a new stake in MYR Group during the second quarter worth approximately $1,232,294,000. Vanguard Group Inc. raised its holdings in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after purchasing an additional 40,164 shares in the last quarter. Wellington Management Group LLP raised its holdings in MYR Group by 63.5% during the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after purchasing an additional 396,502 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of MYR Group by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after buying an additional 21,304 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

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.