MYR Group (NASDAQ:MYRG) Receives New Coverage from Analysts at StockNews.com

StockNews.com began coverage on shares of MYR Group (NASDAQ:MYRG – Get Rating) in a research report sent to investors on Thursday. The firm issued a buy rating on the utilities provider’s stock.

Separately, Robert W. Baird raised their price objective on MYR Group from $95.00 to $120.00 and gave the company an outperform rating in a research note on Thursday, February 23rd.

MYR Group Price Performance

Shares of MYRG opened at $118.72 on Thursday. MYR Group has a 12-month low of $74.77 and a 12-month high of $124.37. The business’s fifty day moving average is $105.79 and its 200 day moving average is $95.82. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.98 billion, a P/E ratio of 24.18 and a beta of 1.03.

MYR Group (NASDAQ:MYRG – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The utilities provider reported $1.46 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.41. MYR Group had a return on equity of 15.42% and a net margin of 2.77%. The business had revenue of $863.96 million for the quarter, compared to analysts’ expectations of $736.59 million. During the same period last year, the business earned $1.20 EPS. The business’s revenue was up 33.7% on a year-over-year basis. Sell-side analysts anticipate that MYR Group will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling at MYR Group

In other news, COO Jeffrey J. Waneka sold 12,000 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $121.00, for a total transaction of $1,452,000.00. Following the completion of the sale, the chief operating officer now directly owns 30,080 shares of the company’s stock, valued at approximately $3,639,680. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Jennifer Elaine Lowry sold 2,000 shares of the firm’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $121.79, for a total transaction of $243,580.00. Following the completion of the sale, the director now directly owns 7,919 shares of the company’s stock, valued at approximately $964,455.01. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Jeffrey J. Waneka sold 12,000 shares of the firm’s stock in a transaction on Tuesday, March 7th. The shares were sold at an average price of $121.00, for a total value of $1,452,000.00. Following the sale, the chief operating officer now directly owns 30,080 shares of the company’s stock, valued at $3,639,680. The disclosure for this sale can be found here. Company insiders own 3.00% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Several large investors have recently made changes to their positions in the business. Captrust Financial Advisors increased its holdings in MYR Group by 0.9% in the 2nd quarter. Captrust Financial Advisors now owns 12,261 shares of the utilities provider’s stock worth $1,081,000 after acquiring an additional 104 shares during the last quarter. SummerHaven Investment Management LLC increased its holdings in MYR Group by 1.3% in the 4th quarter. SummerHaven Investment Management LLC now owns 9,090 shares of the utilities provider’s stock worth $837,000 after acquiring an additional 115 shares during the last quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its holdings in MYR Group by 29.6% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 605 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 138 shares during the last quarter. Royal Bank of Canada increased its holdings in MYR Group by 2.5% in the 3rd quarter. Royal Bank of Canada now owns 6,615 shares of the utilities provider’s stock worth $560,000 after acquiring an additional 162 shares during the last quarter. Finally, Legal & General Group Plc increased its holdings in MYR Group by 0.5% in the 2nd quarter. Legal & General Group Plc now owns 47,209 shares of the utilities provider’s stock worth $4,161,000 after acquiring an additional 214 shares during the last quarter. 85.19% of the stock is owned by hedge funds and other institutional investors.

About MYR Group

(Get Rating)

MYR Group, Inc is a holding company, which engages in the provision of electrical construction services. It operates through the Transmission and Distribution (T&D) and Commercial and Industrial (C&I) segments. The T&D segment offers a range of services on electric transmission and distribution networks and substation facilities.