Key Points
- Director Donald C.I. Lucky sold 14,675 shares of MYR Group on June 3 at an average price of $449.53, generating about $6.6 million and cutting his ownership by 72.45%.
- MYR Group’s stock has rallied strongly, recently opening at $451.40 and trading near its 52-week high of $484.71, with the shares well above both the 50-day and 200-day moving averages.
- The company reported better-than-expected quarterly results, posting EPS of $2.99 versus estimates of $2.09 and revenue of $1.0 billion, while analysts currently have a consensus rating of “Moderate Buy.”
MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) Director Kenneth Michael Hartwick sold 3,500 shares of the business's 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 transaction, the director directly owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
MYR Group Stock Performance
MYR Group stock opened at $451.40 on Friday. The stock's 50 day moving average price is $378.10 and its 200 day moving average price is $291.70. The firm has a market capitalization of $7.03 billion, a PE ratio of 49.77 and a beta of 1.32. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31. MYR Group, Inc. has a one year low of $158.48 and a one year high of $484.71.
MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, topping the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group's revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the company posted $1.45 EPS. As a group, sell-side analysts expect that MYR Group, Inc. will post 10.59 EPS for the current fiscal year.
Institutional Investors Weigh In On MYR Group
Hedge funds and other institutional investors have recently bought and sold shares of the business. Farther Finance Advisors LLC increased its holdings in 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 purchasing an additional 104 shares during the last quarter. Parallel Advisors LLC increased its holdings 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 valued at $33,000 after acquiring an additional 79 shares during the last quarter. Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group in the 4th quarter valued at approximately $35,000. Signaturefd LLC increased its holdings in shares of MYR Group by 65.7% in the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider's stock valued at $36,000 after acquiring an additional 65 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its holdings in shares of MYR Group by 271.2% in the 4th quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after acquiring an additional 160 shares during the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on MYRG. The Goldman Sachs Group lifted their price objective on MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a report on Tuesday, March 3rd. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Robert W. Baird set a $373.00 price objective on MYR Group in a report on Thursday, April 30th. Cantor Fitzgerald lifted their price objective on MYR Group from $311.00 to $564.00 and gave the stock an "overweight" rating in a report on Monday, May 11th. Finally, Stifel Nicolaus set a $503.00 price objective on MYR Group in a report on Monday, May 4th. Two equities 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, MYR Group has an average rating of "Moderate Buy" and a consensus target price of $358.17.
View Our Latest Research Report on MYR Group
MYR Group Company Profile
(
Get Free Report)
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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