MYR Group (NASDAQ:MYRG) Reaches New 52-Week High – Time to Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $284.98 and last traded at $282.6650, with a volume of 114031 shares. The stock had previously closed at $271.01.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. The Goldman Sachs Group raised their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. One investment 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’s stock. According to data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $218.71.

MYR Group Stock Up 3.7%

The company has a market capitalization of $4.36 billion, a P/E ratio of 45.40 and a beta of 1.17. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33. The stock has a 50 day moving average price of $243.38 and a 200 day moving average price of $217.29.

Institutional Investors Weigh In On MYR Group

Several large investors have recently modified their holdings of MYRG. Vanguard Group Inc. lifted its stake in MYR Group by 3.3% in the fourth quarter. Vanguard Group Inc. now owns 1,265,452 shares of the utilities provider’s stock valued at $276,501,000 after purchasing an additional 40,164 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock worth $223,153,000 after acquiring an additional 396,502 shares during the period. Fisher Asset Management LLC increased its holdings in MYR Group by 4.7% in the 4th quarter. Fisher Asset Management LLC now owns 471,706 shares of the utilities provider’s stock worth $103,068,000 after acquiring an additional 21,304 shares during the last quarter. Geode Capital Management LLC increased its holdings in MYR Group by 3.5% in the 4th quarter. Geode Capital Management LLC now owns 396,166 shares of the utilities provider’s stock worth $86,574,000 after acquiring an additional 13,511 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in MYR Group by 2.3% during the fourth quarter. Principal Financial Group Inc. now owns 389,009 shares of the utilities provider’s stock valued at $84,998,000 after purchasing an additional 8,695 shares during the last quarter. Hedge funds and other institutional investors 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.