MYR Group (NASDAQ:MYRG) Sets New 1-Year High – Still a Buy?

MYR Group, Inc. (NASDAQ:MYRG) shares reached a new 52-week high on Tuesday . The stock traded as high as $266.00 and last traded at $261.8380, with a volume of 65892 shares traded. The stock had previously closed at $257.41.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. Wall Street Zen upgraded shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Zacks Research downgraded MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Cantor Fitzgerald started coverage on MYR Group in a research note on Friday, January 23rd. They set an “overweight” rating and a $285.00 target price for the company. Finally, Stifel Nicolaus lifted their price target on shares of MYR Group from $237.00 to $262.00 and gave the company a “buy” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $218.71.

MYR Group Price Performance

The stock has a market cap of $3.92 billion, a P/E ratio of 40.85 and a beta of 1.17. The company has a 50 day simple moving average of $232.77 and a 200 day simple moving average of $210.88. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11.

Hedge Funds Weigh In On MYR Group

Large investors have recently modified their holdings of the business. MAI Capital Management increased its position in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the last quarter. Farther Finance Advisors LLC increased 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. bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $34,000. Elevation Point Wealth Partners LLC bought a new stake in shares of MYR Group during the 2nd quarter worth approximately $34,000. Finally, Salomon & Ludwin LLC acquired a new stake in shares of MYR Group in the 3rd quarter valued at approximately $34,000. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.