MYR Group (NASDAQ:MYRG) Sees Unusually-High Trading Volume – Here’s Why

Shares of MYR Group Inc. (NASDAQ:MYRG) saw unusually-strong trading volume on Tuesday . Approximately 210,596 shares changed hands during trading, an increase of 39% from the previous session’s volume of 151,207 shares.The stock last traded at $145.34 and had previously closed at $149.21.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MYRG shares. The Goldman Sachs Group increased their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Stifel Nicolaus upped their price objective on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird boosted their price target on shares of MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.00.

MYR Group Trading Up 1.4 %

The firm has a fifty day moving average of $152.36 and a two-hundred day moving average of $128.24. The company has a market cap of $2.35 billion, a PE ratio of 63.58 and a beta of 0.96. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The business had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. MYR Group’s revenue was down 5.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.28 EPS. As a group, sell-side analysts predict that MYR Group Inc. will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the period. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group in the third quarter worth $116,000. Millburn Ridgefield Corp bought a new stake in MYR Group during the third quarter valued at $130,000. Quest Partners LLC purchased a new stake in shares of MYR Group in the 3rd quarter valued at about $223,000. Finally, FMR LLC boosted its position in shares of MYR Group by 90.2% during the 3rd quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after acquiring an additional 1,108 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.