Stock On Watch: What Next for MYR Group Inc Stock After Touching 52-Week High?

Stock On Watch: What Next for MYR Group Inc Stock After Touching 52 Week High?

The stock of MYR Group Inc (NASDAQ:MYRG) hit a new 52-week high and has $58.30 target or 62.00% above today’s $35.99 share price. The 9 months bullish chart indicates low risk for the $615.66M company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $58.30 price target is reached, the company will be worth $381.71 million 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. The stock increased 3.39% or $1.18 during the last trading session, hitting $35.99. About 234,969 shares traded hands or 107.34% up from the average. MYR Group Inc (NASDAQ:MYRG) has risen 43.43% since April 11, 2016 and is uptrending. It has outperformed by 37.28% the S&P500.

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. MYR Group has been the topic of 9 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The rating was maintained by FBR Capital with “Market Perform” on Tuesday, March 8. The firm has “Buy” rating given on Friday, August 5 by Maxim Group. The rating was downgraded by Zacks on Tuesday, August 11 to “Buy”. The firm earned “Neutral” rating on Friday, August 12 by Robert W. Baird. The firm has “Hold” rating given on Tuesday, January 5 by Stifel Nicolaus. The stock of MYR Group Inc (NASDAQ:MYRG) earned “Hold” rating by BB&T Capital on Friday, October 2. The stock of MYR Group Inc (NASDAQ:MYRG) has “Mkt Perform” rating given on Friday, November 6 by FBR Capital.

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 is negative, 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.
Jacobs Levy Equity Management has invested 0.03% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Mufg Americas Holdings has 200 shares for 0% of their US portfolio. Pnc Financial Services Grp Inc owns 149 shares or 0% of their US portfolio. Arizona State Retirement Sys owns 9,459 shares or 0% of their US portfolio. Dimensional Fund Advisors Lp has 1.57M shares for 0.02% of their US portfolio. Amer Intl Group Incorporated has invested 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Spark Investment Lc holds 19,200 shares or 0.04% of its portfolio. The New York-based Citigroup has invested 0% in MYR Group Inc (NASDAQ:MYRG). Blackrock Advsr Limited Co reported 9,237 shares or 0% of all its holdings. State Bank Of America Corp De owns 8,934 shares or 0% of their US portfolio. Acadian Asset Limited Liability Corp, a Massachusetts-based fund reported 18,779 shares. Kbc Nv accumulated 12,333 shares or 0% of the stock. Teachers Advsr accumulated 0% or 32,009 shares. Voya Mgmt Lc has invested 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Employees Retirement Association Of Colorado has 0% invested in the company for 5,376 shares.

Insider Transactions: Since August 18, 2016, the stock had 0 buys, and 8 selling transactions for $5.80 million net activity. KOERTNER WILLIAM A had sold 10,000 shares worth $295,000 on Thursday, September 22. The insider Engen Gerald B. Jr. sold $1.04 million. $264,845 worth of MYR Group Inc (NASDAQ:MYRG) was sold by COOPER TOD M.. 32,000 MYR Group Inc (NASDAQ:MYRG) shares with value of $1.08 million were sold by Swartz Richard S. Jr..

More recent MYR Group Inc (NASDAQ:MYRG) news were published by: Globenewswire.com which released: “MYR Group Inc. Acquires British Columbia Electrical Contractor Western Pacific …” on October 31, 2016. Also Prnewswire.com published the news titled: “Engine Capital Delivers Letter to MYR Group Inc. Board of Directors” on December 08, 2015. Globenewswire.com‘s news article titled: “MYR Group Inc. Announces Third-Quarter and First Nine-Months 2016 Results” with publication date: November 02, 2016 was also an interesting one.

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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