MYR Group (NASDAQ:MYRG) Trading 4.3% Higher – Should You Buy?

MYR Group Inc. (NASDAQ:MYRG)’s share price was up 4.3% during mid-day trading on Tuesday . The company traded as high as $126.16 and last traded at $125.71. Approximately 275,537 shares were traded during trading, an increase of 41% from the average daily volume of 194,947 shares. The stock had previously closed at $120.50.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on MYRG shares. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price on the stock in a report on Friday. Stifel Nicolaus raised their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Finally, Robert W. Baird reduced their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.00.

MYR Group Price Performance

The stock’s fifty day moving average price is $134.60 and its two-hundred day moving average price is $131.90. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 54.79 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Mackenzie Financial Corp raised its stake in MYR Group by 121.4% during the 4th quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock worth $1,609,000 after acquiring an additional 5,930 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in MYR Group by 4.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider’s stock worth $14,309,000 after acquiring an additional 3,720 shares in the last quarter. Wolverine Trading LLC acquired a new stake in MYR Group during the 4th quarter worth $304,000. Squarepoint Ops LLC raised its stake in MYR Group by 1.7% during the 4th quarter. Squarepoint Ops LLC now owns 34,315 shares of the utilities provider’s stock worth $5,105,000 after acquiring an additional 563 shares in the last quarter. Finally, Thornburg Investment Management Inc. raised its stake in MYR Group by 6.5% during the 4th quarter. Thornburg Investment Management Inc. now owns 136,260 shares of the utilities provider’s stock worth $20,271,000 after acquiring an additional 8,258 shares in the last quarter. 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.