MYR Group (NASDAQ:MYRG) Hits New 12-Month High - Time to Buy?

Key Points

• MYR Group shares hit a new 52-week high around $443 (last $442.60) and were trading up roughly 4.8% during the session.
• The company reported a strong quarter with EPS $2.99 vs. $2.09 expected and revenue of $1.0B (up 20% year‑over‑year), and analysts project FY EPS of about 9.23.
• Market context is mixed: consensus rating is Moderate Buy with a consensus target of $271 (well below current levels), the stock trades at a PE of 50.08, and institutional investors own about 88.9% of the shares with major funds increasing stakes.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $443.00 and last traded at $442.60, with a volume of 884 shares traded. The stock had previously closed at $433.49.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MYRG. Stifel Nicolaus set a $351.00 price target on MYR Group in a research report on Thursday, April 16th. Cantor Fitzgerald boosted their price target on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a research report on Monday, March 2nd. Weiss Ratings reissued a "buy (b-)" rating on shares of MYR Group in a research report on Tuesday, April 21st. Robert W. Baird set a $373.00 price target on MYR Group in a research report on Thursday. Finally, Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $271.00.

MYR Group Trading Up 4.8%

The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. The company has a 50 day simple moving average of $293.29 and a two-hundred day simple moving average of $253.79. The firm has a market cap of $7.07 billion, a PE ratio of 50.08 and a beta of 1.29.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping analysts' consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. During the same quarter in the prior year, the business earned $1.45 earnings per share. The company's revenue was up 20.0% compared to the same quarter last year. Analysts expect that MYR Group, Inc. will post 9.23 EPS for the current fiscal year.

Institutional Trading of MYR Group

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of MYR Group by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider's stock worth $276,501,000 after buying an additional 40,164 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of MYR Group by 63.5% in the fourth quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider's stock worth $223,153,000 after buying an additional 396,502 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of MYR Group by 4.7% in the fourth quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider's stock worth $103,068,000 after buying an additional 21,304 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of MYR Group by 3.5% in the fourth quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider's stock worth $86,574,000 after buying an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of MYR Group by 2.3% in the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider's stock worth $84,998,000 after buying an additional 8,695 shares during the last quarter. Hedge funds and other 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.

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