MYR Group (NASDAQ:MYRG) Hits New 12-Month High at $176.55

MYR Group Inc. (NASDAQ:MYRG) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $176.55 and last traded at $175.09, with a volume of 5032 shares trading hands. The stock had previously closed at $175.25.

Analyst Ratings Changes

A number of research firms have issued reports on MYRG. Sidoti cut shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 target price for the company. in a research note on Monday, February 26th. Stifel Nicolaus boosted their price objective on MYR Group from $168.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. KeyCorp began coverage on MYR Group in a report on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Finally, The Goldman Sachs Group began coverage on MYR Group in a research report on Friday, December 15th. They issued a “buy” rating and a $164.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $171.00.

MYR Group Trading Up 0.8 %

The business has a 50-day moving average price of $156.29 and a 200-day moving average price of $140.47. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $2.96 billion, a P/E ratio of 32.33 and a beta of 1.08.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.02. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The business’s revenue was up 16.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.46 EPS. Analysts anticipate that MYR Group Inc. will post 6.65 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Quadrature Capital Ltd bought a new position in MYR Group during the 4th quarter valued at about $1,481,000. Vanguard Group Inc. raised its stake in shares of MYR Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after acquiring an additional 5,055 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of MYR Group by 3.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,533 shares of the utilities provider’s stock worth $1,379,000 after acquiring an additional 359 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in MYR Group during the 4th quarter valued at $826,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in MYR Group in the 4th quarter worth approximately $4,025,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

About MYR Group

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility industry; and services, including construction and maintenance of high voltage transmission lines, substations, and lower voltage underground and overhead distribution systems, clean energy projects, and electric vehicle charging infrastructure services, as well as emergency restoration services in response to hurricane, wildfire, ice, or other related damages.