The stock of MYR Group Inc (NASDAQ:MYRG) hit a new 52-week high and has $89.12 target or 195.00% above today’s $30.21 share price. The 8 months bullish chart indicates low risk for the $477.57M company. The 1-year high was reported on Sep, 30 by Barchart.com. If the $89.12 price target is reached, the company will be worth $931.26M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 49,764 shares traded hands. MYR Group Inc (NASDAQ:MYRG) has risen 36.23% since February 26, 2016 and is uptrending. It has outperformed by 25.81% the S&P500.
Analysts await MYR Group Inc (NASDAQ:MYRG) to report earnings on November, 2. They expect $0.39 EPS, up 34.48% or $0.10 from last year’s $0.29 per share. MYRG’s profit will be $6.17 million for 19.37 P/E if the $0.39 EPS becomes a reality. After $0.31 actual EPS reported by MYR Group Inc for the previous quarter, Wall Street now forecasts 25.81% EPS growth.
MYR Group Inc (NASDAQ:MYRG) Ratings Coverage
Out of 6 analysts covering MYR Group (NASDAQ:MYRG), 1 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 17% are positive. $30 is the highest target while $23 is the lowest. The $26.67 average target is -11.72% below today’s ($30.21) stock price. MYR Group has been the topic of 9 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The rating was reinitiated by Stifel Nicolaus on Tuesday, January 5 with “Hold”. FBR Capital maintained the stock with “Market Perform” rating in Tuesday, March 8 report. Zacks downgraded MYR Group Inc (NASDAQ:MYRG) on Tuesday, August 11 to “Buy” rating. The stock has “Neutral” rating given by Robert W. Baird on Friday, August 12. The firm has “Hold” rating given on Friday, October 2 by BB&T Capital. The firm has “Mkt Perform” rating given on Friday, November 6 by FBR Capital. The firm has “Buy” rating by Maxim Group given on Friday, August 5.
According to Zacks Investment Research, “MYR GROUP INC. is a holding Company of specialty construction service providers. Through subsidiaries dating back to 1891, MYR is one of the largest national contractors servicing the transmission and distribution sector of the United States electric utility industry. Transmission and distribution customers include electric utilities, cooperatives and municipalities. The Company also provides commercial and industrial electrical contracting services to facility owners and general contractors in the Western United States. MYR Group’s comprehensive services include turn-key construction and maintenance services for the nation’s electrical infrastructure.”
Insitutional Activity: The institutional sentiment decreased to 0.65 in 2016 Q2. Its down 0.37, from 1.02 in 2016Q1. The ratio dived, as 16 funds sold all MYR Group Inc shares owned while 55 reduced positions. 19 funds bought stakes while 27 increased positions. They now own 14.42 million shares or 10.92% less from 16.19 million shares in 2016Q1.
Wells Fargo And Mn owns 83,435 shares or 0% of their US portfolio. The Florida-based State Board Of Administration Of Florida Retirement Systems has invested 0% in MYR Group Inc (NASDAQ:MYRG). Renaissance Technology Ltd Liability Corporation owns 166,900 shares or 0.01% of their US portfolio. Levin Cap Strategies L P owns 281,326 shares or 0.12% of their US portfolio. State Of Tennessee Treasury Department, a Tennessee-based fund reported 14,576 shares. Phocas Corporation last reported 309,644 shares in the company. Amer Grp owns 12,859 shares or 0% of their US portfolio. Teton Advsrs, a New York-based fund reported 137,674 shares. Parametric Portfolio Associates Llc, a Washington-based fund reported 49,652 shares. Tower Rech Cap Ltd Liability Co (Trc) has invested 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Systematic Mgmt Ltd Partnership, a New Jersey-based fund reported 76,340 shares. Schwab Charles Inv Mngmt last reported 127,920 shares in the company. Citigroup reported 13,890 shares or 0% of all its holdings. First Mercantile accumulated 3,600 shares or 0.01% of the stock. Dimensional Fund Advsr Lp holds 0.02% of its portfolio in MYR Group Inc (NASDAQ:MYRG) for 1.57 million shares.
Insider Transactions: Since May 10, 2016, the stock had 0 insider buys, and 4 selling transactions for $1.61 million net activity. $264,845 worth of shares were sold by COOPER TOD M. on Thursday, August 18. KOERTNER WILLIAM A sold 30,000 shares worth $857,438. ALTENBAUMER LARRY F sold 8,000 shares worth $191,782.
More important recent MYR Group Inc (NASDAQ:MYRG) news were published by: Globenewswire.com which released: “MYR Group Inc. Awarded Contract with Cross Texas Transmission to Construct …” on September 19, 2016, also Prnewswire.com published article titled: “Engine Capital Delivers Letter to MYR Group Inc. Board of Directors”, Finance.Yahoo.com published: “MYR Group Inc. Announces Second-Quarter 2016 Earnings Release and Conference …” on July 27, 2016. More interesting news about MYR Group Inc (NASDAQ:MYRG) was released by: Nasdaq.com and their article: “MYR Group Inc. Announces Promotion of COO Richard Swartz to Executive Vice …” with publication date: September 01, 2016.
MYRG Company Profile
MYR Group Inc., incorporated on January 15, 1982, is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Firm performs construction services in two divisions: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Firm provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States. The Company’s subsidiaries include The L. E. Myers Co., Harlan Electric Company, Great Southwestern Construction, Inc., Sturgeon Electric Company, Inc., MYR Transmission Services, Inc., E.S. Boulos Company, High Country Line Construction, Inc., MYR Group Construction Canada, Ltd., MYR Transmission Services Canada, Ltd. and Northern Transmission Services, Ltd. The Firm provides electrical construction services, and limited gas construction services, through a network of local offices located throughout the United States and Canada.
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