MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $266.00 and last traded at $261.8380, with a volume of 65892 shares trading hands. The stock had previously closed at $257.41.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MYRG shares. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th. Stifel Nicolaus boosted their price objective on MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Cantor Fitzgerald assumed coverage on shares of MYR Group in a research note on Friday, January 23rd. They issued an “overweight” rating and a $285.00 target price on the stock. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, December 21st. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Stock Up 1.2%

The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $4.04 billion, a PE ratio of 41.92 and a beta of 1.17. The business’s 50 day moving average is $231.27 and its 200-day moving average is $210.10.

Hedge Funds Weigh In On MYR Group

Institutional investors have recently modified their holdings of the company. MAI Capital Management boosted its holdings in MYR Group by 44.8% during the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares during the last quarter. Farther Finance Advisors LLC lifted its position in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 104 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in shares of MYR Group in the second quarter valued at about $34,000. Elevation Point Wealth Partners LLC acquired a new position in MYR Group during the 2nd quarter worth approximately $34,000. Finally, Salomon & Ludwin LLC acquired a new stake in MYR Group in the 3rd quarter valued at about $34,000. Institutional investors own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.