MYR Group (NASDAQ:MYRG) Sets New 52-Week High – Should You Buy?

MYR Group, Inc. (NASDAQ:MYRG)’s stock price hit a new 52-week high during mid-day trading on Friday . The company 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.

Wall Street Analyst Weigh In

Several analysts have recently commented on MYRG shares. Cantor Fitzgerald assumed coverage on shares of MYR Group in a research report on Friday, January 23rd. They set an “overweight” rating and a $285.00 price objective on the stock. The Goldman Sachs Group upped their price target on MYR Group from $205.00 to $248.00 and gave the stock a “neutral” rating in a research note on Friday, November 14th. Weiss Ratings upgraded shares of MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 22nd. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $218.71.

MYR Group Stock Performance

The firm has a market capitalization of $4.36 billion, a PE ratio of 45.40 and a beta of 1.17. The business has a 50-day simple moving average of $242.12 and a 200-day simple moving average of $216.44. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33.

Hedge Funds Weigh In On MYR Group

Large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC boosted its stake in shares of MYR Group by 212.2% during the fourth 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 period. Acumen Wealth Advisors LLC purchased a new position in shares of MYR Group during the fourth quarter worth approximately $35,000. Signaturefd LLC raised its stake in shares of MYR Group by 65.7% during the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after acquiring an additional 65 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of MYR Group in the third quarter valued at approximately $34,000. Finally, MAI Capital Management increased its holdings in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares during the period. Hedge funds and other 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.