MYR Group (NASDAQ:MYRG) Raised to “Strong-Buy” at Wall Street Zen

MYR Group (NASDAQ:MYRG) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Sunday.

MYRG has been the topic of several other research reports. KeyCorp reissued a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, December 1st. Weiss Ratings restated a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 15th. The Goldman Sachs Group upped their price objective on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Two research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.67.

MYR Group Trading Up 2.9%

MYRG opened at $227.52 on Friday. The firm has a market capitalization of $3.53 billion, a price-to-earnings ratio of 36.76 and a beta of 1.20. The company’s 50 day simple moving average is $220.15 and its two-hundred day simple moving average is $197.47. MYR Group has a 1-year low of $97.72 and a 1-year high of $241.13. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 EPS for the quarter, beating the consensus estimate 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 return on equity of 16.65% and a net margin of 2.78%.The business’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.65 earnings per share. Analysts expect that MYR Group will post 1.16 EPS for the current fiscal year.

Insider Activity

In related news, COO Don A. Egan sold 2,900 shares of the stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total transaction of $676,860.00. Following the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

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