The stock of MYR Group Inc (NASDAQ:MYRG) hit a new 52-week high and has $40.45 target or 7.00% above today’s $37.80 share price. The 7 months bullish chart indicates low risk for the $619.79 million company. The 1-year high was reported on Nov, 25 by Barchart.com. If the $40.45 price target is reached, the company will be worth $43.39 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 decreased 0.63% or $0.24 during the last trading session, hitting $37.8. About 33,404 shares traded hands. MYR Group Inc (NASDAQ:MYRG) has risen 48.59% since April 22, 2016 and is uptrending. It has outperformed by 43.18% the S&P500.
Analysts await MYR Group Inc (NASDAQ:MYRG) to report earnings on March, 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 $6.39M for 24.23 P/E if the $0.39 EPS becomes a reality. After $0.38 actual EPS reported by MYR Group Inc for the previous quarter, Wall Street now forecasts 2.63% EPS growth.
MYR Group Inc (NASDAQ:MYRG) Ratings Coverage
Out of 7 analysts covering MYR Group (NASDAQ:MYRG), 1 rate it a “Buy”, 0 “Sell”, while 6 “Hold”. This means 14% are positive. MYR Group has been the topic of 10 analyst reports since August 11, 2015 according to StockzIntelligence Inc. The firm has “Hold” rating by Stifel Nicolaus given on Tuesday, January 5. The stock of MYR Group Inc (NASDAQ:MYRG) has “Buy” rating given on Tuesday, August 11 by Zacks. The company was downgraded on Friday, October 2 by BB&T Capital. FBR Capital maintained MYR Group Inc (NASDAQ:MYRG) rating on Tuesday, March 8. FBR Capital has “Market Perform” rating and $27 price target. The rating was downgraded by Robert W. Baird to “Neutral” on Friday, August 12. As per Friday, November 18, the company rating was downgraded by Avondale. The rating was maintained by Maxim Group with “Buy” on Friday, August 5. FBR Capital maintained MYR Group Inc (NASDAQ:MYRG) rating on Friday, November 6. FBR Capital has “Mkt Perform” rating and $25 price target.
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 increased to 0.98 in Q2 2016. Its up 0.33, from 0.65 in 2016Q1. The ratio improved, 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.
Systematic Mngmt L P reported 76,340 shares or 0.03% of all its holdings. Sheets Smith Wealth Mngmt reported 8,554 shares or 0.06% of all its holdings. Tfs Capital Limited Liability Co last reported 0.28% of its portfolio in the stock. Blackrock Advisors Ltd Llc accumulated 9,237 shares or 0% of the stock. Public Sector Pension Invest Board, a Quebec – Canada-based fund reported 13,500 shares. Sg Americas Securities Limited Liability Corporation owns 5,277 shares or 0% of their US portfolio. Tiaa Cref Management Ltd Liability has invested 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG). State Board Of Administration Of Florida Retirement Sys last reported 56,675 shares in the company. Highbridge Cap Mgmt Limited has 0.01% invested in the company for 22,327 shares. Price T Rowe Associate Md last reported 15,453 shares in the company. State Of Tennessee Treasury Department accumulated 0% or 14,576 shares. Pub Employees Retirement Association Of Colorado has 0% invested in the company for 5,376 shares. Euclidean Technology Mngmt Ltd, a New York-based fund reported 90,628 shares. Blackrock Fund Advsr accumulated 0.01% or 1.20 million shares. Vanguard, a Pennsylvania-based fund reported 895,049 shares.
Insider Transactions: Since August 18, 2016, the stock had 0 insider buys, and 9 sales for $6.09 million net activity. On Wednesday, September 28 the insider KOERTNER WILLIAM A sold $300,000. Another trade for 8,000 shares valued at $288,449 was made by Alexander Jack L. on Monday, November 14. Shares for $1.08 million were sold by Swartz Richard S. Jr. on Thursday, November 10. $264,845 worth of shares were sold by COOPER TOD M. on Thursday, August 18. Engen Gerald B. Jr. had sold 32,000 shares worth $1.04 million on Wednesday, November 9.
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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