MYR Group (NASDAQ:MYRG) Price Target Raised to $248.00 at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG) had its price target lifted by The Goldman Sachs Group from $205.00 to $248.00 in a research report report published on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the utilities provider’s stock.

Other analysts have also recently issued research reports about the company. Wall Street Zen cut MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 9th. Stifel Nicolaus boosted their target price on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Jefferies Financial Group began coverage on MYR Group in a report on Friday, August 15th. They set a “hold” rating and a $202.00 price target on the stock. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Finally, Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, November 7th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $201.67.

MYR Group Stock Up 4.3%

Shares of NASDAQ MYRG traded up $9.47 during trading hours on Friday, hitting $229.44. The stock had a trading volume of 235,383 shares, compared to its average volume of 219,091. The firm’s 50-day moving average price is $204.67 and its two-hundred day moving average price is $185.33. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13. The company has a market capitalization of $3.56 billion, a P/E ratio of 37.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.82 by $0.23. The firm had revenue of $950.40 million during the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.94%. During the same period in the previous year, the company earned $0.65 earnings per share. The company’s revenue was up 7.0% compared to the same quarter last year. Analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Insider Transactions at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares in the company, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of MYR Group by 69.2% in the 3rd quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock valued at $129,975,000 after buying an additional 255,493 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in MYR Group by 214.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock worth $34,215,000 after purchasing an additional 206,369 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in MYR Group by 97.4% during the second quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock worth $63,594,000 after purchasing an additional 172,962 shares during the period. Nuveen LLC acquired a new stake in MYR Group during the first quarter valued at approximately $18,511,000. Finally, Vanguard Group Inc. grew its stake in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after purchasing an additional 157,157 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.