MYR Group Elects Directors, Approves Executive Pay

THORNTON, CO – MYR Group Inc. (NASDAQ:MYRG), a $2 billion market cap company specializing in construction services for the utility industry, held its Annual Meeting of Stockholders on Sunday, where several key proposals were voted upon. According to InvestingPro data, the company trades at a premium valuation with a P/E ratio of 67.35, while maintaining a FAIR financial health score. The results, disclosed in a recent SEC filing, confirmed the election of director nominees, the advisory approval of executive compensation, and the ratification of the company’s independent auditor.

Stockholders elected Bradley T. Favreau and Ajoy H. Karna as Class III directors, each to serve for one year until the 2026 Annual Meeting or until their successors are elected and qualified. Favreau received 12,034,642 votes for, 1,159,788 against, and 2,723 abstentions. Karna garnered 13,154,348 votes for, 39,795 against, and 3,010 abstentions. Both elections faced 683,568 broker non-votes.

In addition, the advisory approval of the compensation for MYR’s named executive officers was passed with 12,762,596 votes for, 428,800 against, and 5,757 abstentions, alongside 683,568 broker non-votes.

The third proposal, concerning the ratification of Crowe LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was also approved with an overwhelming majority of 13,786,441 votes for, 86,290 against, and 7,990 abstentions.

The current Class I and Class II directors, including Kenneth M. Hartwick, Jennifer E. Lowry, Richard S. Swartz, Donald C.I. Lucky, and Shirin O’Connor, will continue their terms until their respective expirations. With analyst targets ranging from $124 to $159 per share, InvestingPro analysis reveals management has been actively buying back shares, suggesting confidence in the company’s future prospects.

The meeting, which took place on April 24, 2025, followed the release of the company’s definitive proxy statement filed with the SEC on March 5, 2025. The filing was signed by William F. Fry, MYR Group’s Senior Vice President, Chief Legal Officer, and Secretary, on April 29, 2025.

This news is based on a press release statement and provides a factual account of the matters submitted to a vote of security holders for MYR Group Inc. Investors should note that the company is scheduled to report its next earnings on April 30, 2025. InvestingPro subscribers have access to 12 additional exclusive insights about MYRG, including detailed analysis of its financial health, valuation metrics, and growth prospects through comprehensive Pro Research Reports.

In other recent news, MYR Group has been the subject of notable analyst activity. Stifel analysts revised their price target for MYR Group to $131, down from $157, while maintaining a Buy rating. This adjustment reflects expectations of high single-digit growth in the Transmission & Distribution segment by 2025, despite potential challenges from minimal solar bookings in 2024. The analysts also anticipate that completing current challenging projects by the end of 2024 will improve margins in 2025, although risks remain in the Commercial & Industrial segment due to tariffs.

Additionally, KeyBanc Capital Markets upgraded MYR Group’s stock rating from Sector Weight to Overweight, setting a new price target of $136. This change followed investor meetings with MYR Group’s executives, which provided insights into the company’s revenue and margin outlook. KeyBanc’s positive reassessment is partly due to MYR Group’s stock trading below its three-year average enterprise value to EBITDA ratio, presenting an attractive opportunity for investors.

These recent developments highlight the mixed but cautiously optimistic outlook from analysts regarding MYR Group’s future performance.

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