MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst consensus is “Moderate Buy” among eight firms, with three buy, two strong-buy and three hold ratings. The average 12-month price target is $451.20.
• MYR Group exceeded quarterly expectations, reporting $3.17 in EPS versus the $2.62 consensus and $1.08 billion in revenue, up 20.1% year over year.
• Two directors sold a combined 18,175 shares for approximately $8.17 million; insiders retain a 1.9% ownership stake, while institutional investors own 88.9% of the company.

Shares of MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) have earned an average rating of "Moderate Buy" from the eight research firms that are presently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $451.20.

Several equities research analysts have recently commented on the company. Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Sunday, August 16th. Cantor Fitzgerald upped their price objective 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. Zacks Research raised shares of MYR Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 10th. Finally, Oppenheimer reiterated a "market perform" rating on shares of MYR Group in a report on Thursday, June 11th.

MYR Group Price Performance

MYRG stock opened at $318.00 on Friday. The stock has a market capitalization of $4.95 billion, a PE ratio of 30.17 and a beta of 1.34. The company's 50-day moving average is $398.41 and its 200-day moving average is $358.42. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. MYR Group has a 1 year low of $171.51 and a 1 year high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 EPS for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. The business had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The firm's revenue was up 20.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.70 EPS. Equities research analysts expect that MYR Group will post 12.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction that occurred 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 sale, the director directly owned 5,579 shares of the company's stock, valued at $2,507,927.87. This represents a 72.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares in the company, valued at $8,393,265.50. This represents a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company's stock.

Institutional Trading of MYR Group

Several institutional investors have recently made changes to their positions in MYRG. Kilter Group LLC bought a new position in shares of MYR Group during the second quarter valued at about $25,000. Carolina Wealth Advisors LLC purchased a new stake in MYR Group in the 2nd quarter valued at about $30,000. Global Retirement Partners LLC purchased a new stake in MYR Group in the 2nd quarter valued at about $30,000. Farther Finance Advisors LLC lifted its position in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock worth $33,000 after buying an additional 104 shares in the last quarter. Finally, Parallel Advisors LLC boosted its stake in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock worth $33,000 after buying an additional 79 shares during the last quarter. 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.

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