MYR Group (NASDAQ:MYRG) Reaches New 12-Month High – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG) reached a new 52-week high on Monday . The company traded as high as $273.00 and last traded at $271.87, with a volume of 18619 shares changing hands. The stock had previously closed at $268.76.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Clear Str upgraded MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Stifel Nicolaus increased 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. 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, Weiss Ratings raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $218.71.

MYR Group Price Performance

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 firm has a market capitalization of $4.22 billion, a P/E ratio of 44.07 and a beta of 1.17. The company’s 50 day moving average price is $234.06 and its 200 day moving average price is $212.05.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. MAI Capital Management raised its holdings in shares of 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 acquiring an additional 56 shares during the period. Farther Finance Advisors LLC increased its holdings in MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of MYR Group in the 2nd quarter valued at about $34,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of MYR Group in the 2nd quarter valued at about $34,000. Finally, Salomon & Ludwin LLC bought a new stake in shares of MYR Group in the third quarter valued at about $34,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Company Profile

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.