Zacks Research Upgrades MYR Group (NASDAQ:MYRG) to “Strong-Buy”

MYR Group (NASDAQ:MYRG) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

MYRG has been the subject of several other reports. Jefferies Financial Group set a $392.00 price target on MYR Group in a report on Friday, July 10th. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Wall Street Zen downgraded shares of MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Robert W. Baird set a $375.00 target price on shares of MYR Group in a research note on Thursday, July 30th. Finally, Stifel Nicolaus set a $503.00 target price on shares of MYR Group in a report on Monday, May 4th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $426.00.

MYR Group Stock Down 0.1%

MYRG opened at $329.94 on Monday. The business has a 50 day moving average price of $412.97 and a two-hundred day moving average price of $354.56. 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 company has a market cap of $5.14 billion, a PE ratio of 31.30 and a beta of 1.34. MYR Group has a 52 week low of $171.51 and a 52 week high of $503.57.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period last year, the business posted $1.70 EPS. The company’s revenue was up 20.1% on a year-over-year basis. As a group, research analysts anticipate that MYR Group will post 12.35 EPS for the current year.

Insider Activity at MYR Group

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the transaction, the director 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 SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently made changes to their positions in MYRG. First Trust Advisors LP grew its position in MYR Group by 23.5% during the first quarter. First Trust Advisors LP now owns 203,732 shares of the utilities provider’s stock worth $57,518,000 after buying an additional 38,726 shares during the period. Geode Capital Management LLC increased its holdings in MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock valued at $86,574,000 after buying an additional 13,511 shares in the last quarter. Hel Ved Capital Management Ltd acquired a new stake in shares of MYR Group during the 4th quarter valued at approximately $3,525,000. Hsbc Holdings PLC lifted its position in shares of MYR Group by 45.5% during the 1st quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock valued at $2,542,000 after acquiring an additional 2,856 shares during the period. Finally, Axiom Investment Management LLC purchased a new stake in shares of MYR Group during the 1st quarter worth approximately $1,412,000. 88.90% of the stock is owned by institutional investors and hedge funds.

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.