Stock On Watch: Does MYR Group Inc Have More Gas After Achieving 52-Week High?

Stock On Watch: Does MYR Group Inc Have More Gas After Achieving 52 Week High?

The stock of MYR Group Inc (NASDAQ:MYRG) hit a new 52-week high and has $46.60 target or 51.00% above today’s $30.86 share price. The 9 months bullish chart indicates low risk for the $472.75M company. The 1-year high was reported on Nov, 3 by Barchart.com. If the $46.60 price target is reached, the company will be worth $241.10M 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 84,123 shares traded hands. 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.

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. Robert W. Baird downgraded the stock to “Neutral” rating in Friday, August 12 report. Zacks downgraded the shares of MYRG in a report on Tuesday, August 11 to “Buy” rating. Maxim Group maintained MYR Group Inc (NASDAQ:MYRG) rating on Friday, August 5. Maxim Group has “Buy” rating and $30 price target. FBR Capital maintained MYR Group Inc (NASDAQ:MYRG) on Tuesday, March 8 with “Market Perform” rating. The firm has “Mkt Perform” rating given on Friday, November 6 by FBR Capital. The stock of MYR Group Inc (NASDAQ:MYRG) earned “Hold” rating by BB&T Capital on Friday, October 2. The firm has “Hold” rating by Stifel Nicolaus given on Tuesday, January 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 Q2 2016. 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.
Qs Invsts Ltd Liability Corporation holds 135,338 shares or 0.03% of its portfolio. Pnc Svcs last reported 0% of its portfolio in the stock. Glenmede Company Na holds 144 shares or 0% of its portfolio. Moreover, Voya Limited Company has 0% invested in MYR Group Inc (NASDAQ:MYRG) for 13,078 shares. Lsv Asset Mngmt owns 126,782 shares or 0.01% of their US portfolio. Guggenheim Limited Company last reported 96,016 shares in the company. Tower Rech Capital Limited Liability Company (Trc) has 1,953 shares for 0% of their US portfolio. Euclidean Techs Limited Liability Co last reported 2.34% of its portfolio in the stock. Wolverine Asset Mngmt Ltd Co, a Illinois-based fund reported 36,000 shares. Royal National Bank Of Canada last reported 0% of its portfolio in the stock. California Public Employees Retirement System accumulated 51,900 shares or 0% of the stock. Legal And General Group Public Limited Company holds 0% of its portfolio in MYR Group Inc (NASDAQ:MYRG) for 3,970 shares. Ubs Asset Management Americas accumulated 0% or 23,613 shares. Capstone Asset Management Company has invested 0.01% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Ajo L P last reported 352,464 shares in the company.

Insider Transactions: Since May 10, 2016, the stock had 0 insider purchases, and 5 selling transactions for $1.91 million net activity. COOPER TOD M. also sold $264,845 worth of MYR Group Inc (NASDAQ:MYRG) shares. KOERTNER WILLIAM A also sold $857,438 worth of MYR Group Inc (NASDAQ:MYRG) shares. Shares for $191,782 were sold by ALTENBAUMER LARRY F on Tuesday, May 10.

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, Reuters.com published: “BRIEF-MYR Group acquires British Columbia Electrical Contractor Western Pa…” on October 31, 2016. More interesting news about MYR Group Inc (NASDAQ:MYRG) were released by: Globenewswire.com and their article: “MYR Group Inc. Awarded Contract with Cross Texas Transmission to Construct …” published on September 19, 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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