MYR Group (NASDAQ:MYRG) Reaches New 52-Week High – What’s Next?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $273.00 and last traded at $271.87, with a volume of 18619 shares traded. The stock had previously closed at $268.76.

Wall Street Analyst Weigh In

Several research firms have commented on MYRG. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. The Goldman Sachs Group raised their target price 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. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Finally, Stifel Nicolaus increased their price objective 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. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $218.71.

MYR Group Price Performance

The stock has a market capitalization of $4.22 billion, a P/E ratio of 44.07 and a beta of 1.17. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The company’s 50-day simple moving average is $234.06 and its 200-day simple moving average is $212.05.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Fisher Asset Management LLC increased its holdings in shares of MYR Group by 4.7% during 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. Hantz Financial Services Inc. boosted its position in MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after purchasing an additional 160 shares during the period. Swedbank AB boosted its position in MYR Group by 20.4% during the fourth quarter. Swedbank AB now owns 37,200 shares of the utilities provider’s stock worth $8,128,000 after purchasing an additional 6,300 shares during the period. Coldstream Capital Management Inc. acquired a new position in shares of MYR Group in the fourth quarter valued at $206,000. Finally, MQS Management LLC bought a new position in shares of MYR Group in the fourth quarter valued at about $363,000. 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.