MYR Group (NASDAQ:MYRG) Sets New 12-Month High – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG)’s share price hit a new 52-week high during trading on Monday . The company traded as high as $331.28 and last traded at $328.6210, with a volume of 190521 shares changing hands. The stock had previously closed at $329.33.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MYRG. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. The Goldman Sachs Group lifted their price target on shares of MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research report on Tuesday, March 3rd. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Cantor Fitzgerald raised their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Finally, Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.00.

MYR Group Stock Performance

The company has a market cap of $5.09 billion, a PE ratio of 43.51 and a beta of 1.07. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $279.92 and a 200-day moving average of $244.79.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, February 25th. The utilities provider reported $2.33 EPS for the quarter, beating analysts’ consensus estimates of $1.73 by $0.60. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The business had revenue of $973.54 million during the quarter, compared to analyst estimates of $897.73 million. During the same period in the prior year, the firm posted $0.99 EPS. MYR Group’s quarterly revenue was up 17.3% compared to the same quarter last year. As a group, analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in MYR Group by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock worth $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of MYR Group by 63.5% during the 4th 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 in the last quarter. Fisher Asset Management LLC lifted its position in shares of MYR Group by 4.7% during the 4th 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 in the last quarter. Geode Capital Management LLC boosted its stake in shares of MYR Group by 3.5% in the 4th 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. grew its holdings 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 valued at $84,998,000 after acquiring an additional 8,695 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

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.