Brokerages Set MYR Group, Inc. (NASDAQ:MYRG) Price Target at $242.00

MYR Group, Inc. (NASDAQ:MYRG) has been assigned a consensus rating of “Moderate Buy” from the ten brokerages that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $242.00.

MYRG has been the topic of several recent research reports. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Cantor Fitzgerald lifted their target price on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. The Goldman Sachs Group lifted their target price on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 3rd. Finally, Stifel Nicolaus set a $351.00 target price on shares of MYR Group in a research note on Thursday.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CWA Asset Management Group LLC purchased a new position in shares of MYR Group during the 3rd quarter worth $1,506,000. Vanguard Group Inc. raised its holdings in shares of MYR Group by 14.7% during the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock worth $254,897,000 after acquiring an additional 157,157 shares during the period. Fisher Asset Management LLC raised its holdings in shares of MYR Group by 0.9% during the 3rd quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock worth $93,697,000 after acquiring an additional 4,203 shares during the period. SG Americas Securities LLC purchased a new position in shares of MYR Group during the 3rd quarter worth $1,516,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of MYR Group by 138.9% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,779 shares of the utilities provider’s stock worth $7,443,000 after acquiring an additional 20,804 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG opened at $332.05 on Friday. The firm has a market cap of $5.16 billion, a PE ratio of 44.10 and a beta of 1.07. The firm has a fifty day moving average of $281.15 and a 200 day moving average of $245.69. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a one year low of $106.52 and a one year high of $333.50.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.73 by $0.60. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. The company had revenue of $973.54 million for the quarter, compared to analysts’ expectations of $897.73 million. During the same quarter in the previous year, the company posted $0.99 EPS. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. As a group, research analysts predict that MYR Group will post 9.23 EPS for the current fiscal year.

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.