MYR Group, Inc. (NASDAQ:MYRG) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are presently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $218.7143.

MYRG has been the topic of several research reports. Weiss Ratings raised MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Stifel Nicolaus increased their price objective 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. Cantor Fitzgerald started coverage on shares of MYR Group in a report on Friday, January 23rd. They set an “overweight” rating and a $285.00 target price for the company. Zacks Research downgraded shares of MYR Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its holdings in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the period. Signaturefd LLC boosted its position in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after acquiring an additional 65 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in MYR Group in the third quarter valued at approximately $34,000. MAI Capital Management grew its holdings in 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 purchasing an additional 56 shares during the period. Finally, Elevation Point Wealth Partners LLC acquired a new position in MYR Group during the second quarter worth approximately $34,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

MYR Group Price Performance

MYRG stock opened at $268.76 on Monday. The firm has a 50 day moving average of $234.06 and a 200-day moving average of $211.71. The company has a market cap of $4.17 billion, a price-to-earnings ratio of 43.42 and a beta of 1.17. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a 12-month low of $97.72 and a 12-month high of $270.88.

About MYR Group

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.