MYR Group (NASDAQ:MYRG) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of MYR Group (NASDAQ:MYRG) from a buy rating to a strong-buy rating in a research note published on Sunday.

MYRG has been the subject of a number of other reports. Robert W. Baird set a $375.00 target price on MYR Group in a research note on Thursday, July 30th. Cantor Fitzgerald raised their target price on shares of MYR Group from $311.00 to $564.00 and gave the stock an “overweight” rating in a report on Monday, May 11th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a research note on Thursday, June 11th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Monday, August 10th. Finally, The Goldman Sachs Group lowered their price objective on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $451.20.

MYR Group Stock Down 5.0%

NASDAQ:MYRG opened at $323.89 on Friday. MYR Group has a 1 year low of $171.51 and a 1 year high of $503.57. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 30.73 and a beta of 1.34. The stock has a 50-day moving average price of $402.18 and a two-hundred day moving average price of $357.44.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $995.74 million. During the same period in the prior year, the company earned $1.70 earnings per share. The company’s revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, equities analysts expect that MYR Group will post 12.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. This trade represents a 15.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is currently owned by company insiders.

Institutional Trading of MYR Group

A number of institutional investors have recently made changes to their positions in the business. First Trust Advisors LP increased its holdings 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 last quarter. Geode Capital Management LLC lifted its stake 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 acquiring an additional 13,511 shares during the last quarter. Hel Ved Capital Management Ltd acquired a new stake in MYR Group in the fourth quarter valued at $3,525,000. Hsbc Holdings PLC grew its position in shares of MYR Group by 45.5% in 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 bought a new position in shares of MYR Group in the 1st quarter valued at about $1,412,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Company Profile

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.