MYR Group, Inc. (NASDAQ:MYRG – Get Free Report)’s share price reached a new 52-week high on Thursday . The stock traded as high as $478.02 and last traded at $471.73, with a volume of 6193 shares traded. The stock had previously closed at $467.97.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on MYRG. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a report on Tuesday, April 21st. Robert W. Baird set a $373.00 price target on shares of MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald boosted their target price 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. Finally, The Goldman Sachs Group increased their target price 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. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $328.86.
Read Our Latest Stock Report on MYRG
MYR Group Stock Down 1.2%
MYR Group (NASDAQ:MYRG – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion for the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.45 EPS. On average, sell-side analysts anticipate that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.
Institutional Trading of MYR Group
Institutional investors have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its stake 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 valued at $33,000 after buying an additional 104 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock valued at $33,000 after buying an additional 79 shares in the last quarter. Acumen Wealth Advisors LLC bought a new stake in MYR Group during the 4th quarter worth approximately $35,000. Signaturefd LLC increased its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the period. Finally, First Horizon Corp bought a new stake in MYR Group during the 3rd quarter worth approximately $47,000. 88.90% of the stock is currently owned by hedge funds and other 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.
Read More
- Five stocks we like better than MYR Group
- Viking Sails to All-Time Highs—Fundamentals Signal More to Come
- Datavalut Gains Traction: 5 Reasons to Sell Now
- TMC Stock: Why This Pre-Revenue Miner Is Worth Watching
- The Power Grid Is Dying—Is It Time to Buy Its Replacement?
Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.
