MYR Group, Inc. (NASDAQ:MYRG) Receives $201.67 Average Price Target from Analysts

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given a consensus recommendation of “Hold” by the seven ratings firms that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $201.6667.

MYRG has been the topic of several recent research reports. KeyCorp restated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group boosted their price objective on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Stifel Nicolaus raised their target price on shares of MYR Group from $210.00 to $226.00 and gave the company a “buy” rating in a report on Thursday, October 9th. Jefferies Financial Group assumed coverage on shares of MYR Group in a research note on Friday, August 15th. They issued a “hold” rating and a $202.00 price target for the company. Finally, Weiss Ratings cut shares of MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday.

Insider Activity at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the stock in a transaction 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 transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MYRG. Vanguard Group Inc. raised its position in shares of MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after acquiring an additional 157,157 shares in the last quarter. Wellington Management Group LLP raised its holdings in MYR Group by 69.2% during the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after purchasing an additional 255,493 shares in the last quarter. Fisher Asset Management LLC raised its holdings in MYR Group by 0.9% during the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after purchasing an additional 4,203 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of MYR Group by 1.2% during the 3rd quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock worth $79,117,000 after buying an additional 4,353 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of MYR Group by 97.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after buying an additional 172,962 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Performance

Shares of MYRG stock opened at $203.61 on Wednesday. The firm has a 50 day moving average of $208.28 and a two-hundred day moving average of $187.85. The stock has a market capitalization of $3.16 billion, a PE ratio of 32.89 and a beta of 1.24. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.14. MYR Group has a 52 week low of $97.72 and a 52 week high of $241.13.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The business had revenue of $950.40 million for the quarter, compared to analyst estimates of $931.72 million. MYR Group had a return on equity of 16.94% and a net margin of 2.78%.The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.65 earnings per share. On average, research analysts predict that MYR Group will post 1.16 EPS for the current fiscal year.

About MYR Group

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.