MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $189.36 and last traded at $188.75, with a volume of 201476 shares changing hands. The stock had previously closed at $183.28.
Wall Street Analyst Weigh In
A number of analysts have weighed in on MYRG shares. Piper Sandler increased their price target on shares of MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Stifel Nicolaus cut their price objective on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research report on Wednesday, April 9th. The Goldman Sachs Group cut shares of MYR Group from a "buy" rating to a "neutral" rating and increased their target price for the company from $145.00 to $168.00 in a research note on Friday, June 6th. Robert W. Baird boosted their price target on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, KeyCorp raised their price objective on MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $157.00.
Check Out Our Latest Research Report on MYRG
MYR Group Stock Up 3.0%
The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.15. The business's fifty day moving average price is $162.88 and its 200 day moving average price is $141.95. The company has a market capitalization of $2.93 billion, a P/E ratio of 86.58 and a beta of 1.19.
MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.27. The firm had revenue of $833.62 million during the quarter, compared to analysts' expectations of $788.98 million. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.12 earnings per share. As a group, equities research analysts predict that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. T. Rowe Price Investment Management Inc. increased its position in MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock valued at $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Millennium Management LLC grew its stake in shares of MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock valued at $68,706,000 after purchasing an additional 128,159 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of MYR Group by 11.7% in the first quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after purchasing an additional 47,445 shares in the last quarter. American Century Companies Inc. raised its position in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after purchasing an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership lifted its holdings in MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after buying an additional 53,496 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.
About MYR Group
(
Get Free Report)
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.
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