MYR Group (NASDAQ:MYRG) Sets New 12-Month High – Here’s What Happened

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 trading hands. The stock had previously closed at $271.01.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MYRG shares. 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. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Stifel Nicolaus lifted their target price on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. The Goldman Sachs Group upped their price target on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Finally, Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $218.71.

MYR Group Price Performance

The firm has a market cap of $4.36 billion, a PE ratio of 45.40 and a beta of 1.17. The stock has a 50 day simple moving average of $242.12 and a two-hundred day simple moving average of $216.44. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33.

Hedge Funds Weigh In On MYR Group

Several institutional investors and hedge funds have recently modified their holdings of the business. MAI Capital Management lifted its position in shares of MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after buying an additional 56 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of 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 during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of MYR Group during the 2nd quarter worth about $34,000. Elevation Point Wealth Partners LLC purchased a new position in shares of MYR Group in the second quarter valued at approximately $34,000. Finally, Salomon & Ludwin LLC acquired a new position in MYR Group in the 3rd quarter valued at $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.