Stock Mover of The Day: MYR Group Inc Sets 52-Week High; Strong Momentum for Holders

Stock Mover of The Day: MYR Group Inc Sets 52 Week High; Strong Momentum for Holders

The stock of MYR Group Inc (NASDAQ:MYRG) hit a new 52-week high and has $55.16 target or 50.00% above today’s $36.77 share price. The 9 months bullish chart indicates low risk for the $599.00M company. The 1-year high was reported on Nov, 16 by Barchart.com. If the $55.16 price target is reached, the company will be worth $299.50 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. About 50,911 shares traded hands. MYR Group Inc (NASDAQ:MYRG) has risen 46.69% since April 14, 2016 and is uptrending. It has outperformed by 42.00% 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 firm has “Mkt Perform” rating given on Friday, November 6 by FBR Capital. The rating was downgraded by BB&T Capital on Friday, October 2 to “Hold”. Stifel Nicolaus reinitiated the shares of MYRG in a report on Tuesday, January 5 with “Hold” 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 it with “Market Perform” rating and $27 target price in Tuesday, March 8 report. The stock has “Neutral” rating given by Robert W. Baird on Friday, August 12. The stock of MYR Group Inc (NASDAQ:MYRG) has “Buy” rating given on Tuesday, August 11 by Zacks.

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 worsened, 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.
Millennium Management Limited Liability Company accumulated 62,507 shares or 0% of the stock. Swiss State Bank has 0% invested in the company for 31,200 shares. Pinebridge Invs Lp owns 2,423 shares or 0% of their US portfolio. The New York-based Spark Ltd Com has invested 0.04% in MYR Group Inc (NASDAQ:MYRG). Ajo Limited Partnership holds 0.04% or 352,464 shares in its portfolio. California Public Employees Retirement System reported 51,900 shares or 0% of all its holdings. Jacobs Levy Equity Management Inc has invested 0.03% of its portfolio in MYR Group Inc (NASDAQ:MYRG). Dnb Asset Mgmt As accumulated 22,688 shares or 0% of the stock. State Of Tennessee Treasury Department reported 14,576 shares or 0% of all its holdings. Macquarie Grp Inc Limited owns 539,756 shares or 0.03% of their US portfolio. Rk Capital Limited Liability Company holds 0.59% of its portfolio in MYR Group Inc (NASDAQ:MYRG) for 137,082 shares. Pnc Services Grp Inc Incorporated last reported 149 shares in the company. Great West Life Assurance Com Can holds 0% or 1,645 shares in its portfolio. Invesco Limited accumulated 43,025 shares or 0% of the stock. Springbok Cap Limited Liability Corporation holds 1,936 shares or 0.01% of its portfolio.

Insider Transactions: Since August 18, 2016, the stock had 0 buys, and 9 sales for $6.09 million net activity. 10,000 shares were sold by KOERTNER WILLIAM A, worth $310,000 on Thursday, November 3. Shares for $264,845 were sold by COOPER TOD M. on Thursday, August 18. Another trade for 32,000 shares valued at $1.08 million was sold by Swartz Richard S. Jr.. Alexander Jack L. had sold 8,000 shares worth $288,449 on Monday, November 14. Engen Gerald B. Jr. also sold $1.04M worth of MYR Group Inc (NASDAQ:MYRG) shares.

More important recent MYR Group Inc (NASDAQ:MYRG) news were published by: Prnewswire.com which released: “Engine Capital Delivers Letter to MYR Group Inc. Board of Directors” on December 08, 2015, also Globenewswire.com published article titled: “MYR Group Inc. Acquires British Columbia Electrical Contractor Western Pacific …”, Globenewswire.com published: “MYR Group Inc. Announces Third-Quarter and First Nine-Months 2016 Results” on November 02, 2016. More interesting news about MYR Group Inc (NASDAQ:MYRG) was released by: Benzinga.com and their article: “No More Proxy Fight For MYR Group” with publication date: March 23, 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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