Analysts Set MYR Group, Inc. (NASDAQ:MYRG) Target Price at $218.71

Shares of MYR Group, Inc. (NASDAQ:MYRG) have received an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation, four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $218.7143.

MYRG has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. 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 raised shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. 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 report on Monday, January 26th. Finally, The Goldman Sachs Group lifted their target price on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th.

MYR Group Stock Performance

Shares of MYR Group stock opened at $248.72 on Monday. The business’s 50 day moving average price is $232.77 and its 200 day moving average price is $210.88. The company has a market cap of $3.86 billion, a price-to-earnings ratio of 40.18 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. MYR Group has a one year low of $97.72 and a one year high of $266.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. MAI Capital Management raised its stake in shares of MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the period. Farther Finance Advisors LLC increased its holdings 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 purchasing an additional 104 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in MYR Group in the second quarter valued at approximately $34,000. Elevation Point Wealth Partners LLC acquired a new position in MYR Group during the second quarter worth $34,000. Finally, Salomon & Ludwin LLC purchased a new position in shares of MYR Group during the third quarter worth $34,000. Hedge funds and other 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.