Notable Price Action: What’s Propelling MYR Group Inc to Increase So Much?

Notable Price Action: What's Propelling MYR Group Inc to Increase So Much?

The stock of MYR Group Inc (NASDAQ:MYRG) is a huge mover today! About 283,179 shares traded hands or 209.51% up from the average. MYR Group Inc (NASDAQ:MYRG) has risen 14.61% since April 1, 2016 and is uptrending. It has outperformed by 13.39% the S&P500.
The move comes after 9 months positive chart setup for the $475.05 million company. It was reported on Nov, 3 by Barchart.com. We have $84.50 PT which if reached, will make NASDAQ:MYRG worth $826.59 million more.

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. As per Friday, October 2, the company rating was downgraded by BB&T Capital. The stock of MYR Group Inc (NASDAQ:MYRG) earned “Buy” rating by Maxim Group on Friday, August 5. Stifel Nicolaus reinitiated the stock with “Hold” rating in Tuesday, January 5 report. The company was maintained on Tuesday, March 8 by FBR Capital. FBR Capital maintained the shares of MYRG in a report on Friday, November 6 with “Mkt Perform” rating. The stock of MYR Group Inc (NASDAQ:MYRG) has “Neutral” rating given on Friday, August 12 by Robert W. Baird. Zacks downgraded the stock to “Buy” rating in Tuesday, August 11 report.

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 Q2 2016. 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.
Ls Investment Advsr Limited Liability Com accumulated 687 shares or 0% of the stock. Thomson Horstmann Bryant, a Connecticut-based fund reported 299,116 shares. Ameriprise Incorporated last reported 88,411 shares in the company. Deutsche State Bank Ag accumulated 0% or 165,733 shares. Waddell & Reed Financial has invested 0.01% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Moreover, Amer Intl has 0% invested in MYR Group Inc (NASDAQ:MYRG) for 12,859 shares. Bnp Paribas Arbitrage Sa accumulated 5,598 shares or 0% of the stock. Blackrock Institutional Com Na has 534,943 shares for 0% of their US portfolio. Mufg Americas last reported 200 shares in the company. Kbc Grp Nv accumulated 0% or 12,333 shares. Moreover, First Advsrs L P has 0% invested in MYR Group Inc (NASDAQ:MYRG) for 62,952 shares. Sg Americas Securities Limited Com has 5,277 shares for 0% of their US portfolio. Texas Permanent School Fund holds 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG) for 13,937 shares. Invesco has 43,025 shares for 0% of their US portfolio. Moreover, Strs Ohio has 0% invested in MYR Group Inc (NASDAQ:MYRG) for 28,500 shares.

Insider Transactions: Since May 10, 2016, the stock had 0 insider purchases, and 5 selling transactions for $1.91 million net activity. Shares for $191,782 were sold by ALTENBAUMER LARRY F on Tuesday, May 10. KOERTNER WILLIAM A had sold 30,000 shares worth $857,438. COOPER TOD M. sold 9,212 shares worth $264,845.

More notable recent MYR Group Inc (NASDAQ:MYRG) news were published by: Nasdaq.com which released: “MYR Group Inc. Announces Third-Quarter and First Nine-Months 2016 Results” on November 02, 2016, also Prnewswire.com with their article: “Engine Capital Delivers Letter to MYR Group Inc. Board of Directors” published on December 08, 2015, Globenewswire.com published: “MYR Group Inc. Awarded Contract with Cross Texas Transmission to Construct …” on September 19, 2016. More interesting news about MYR Group Inc (NASDAQ:MYRG) were released by: Reuters.com and their article: “BRIEF-MYR Group acquires British Columbia Electrical Contractor Western Pa…” published on October 31, 2016 as well as Globenewswire.com‘s news article titled: “MYR GROUP SHAREHOLDER ALERT – Andrews & Springer LLC Is Investigating MYR …” with publication date: September 04, 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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