MYR Group (NASDAQ:MYRG) Reaches New 52-Week High on Analyst Upgrade

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) reached a new 52-week high during mid-day trading on Thursday after KeyCorp raised their price target on the stock from $172.00 to $205.00. KeyCorp currently has an overweight rating on the stock. MYR Group traded as high as $194.95 and last traded at $191.58, with a volume of 11738 shares traded. The stock had previously closed at $189.56.

Other analysts have also issued reports about the stock. Piper Sandler upped their price target on shares of MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Stifel Nicolaus upped their price target on MYR Group from $174.00 to $204.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Robert W. Baird boosted their price objective on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Finally, The Goldman Sachs Group downgraded MYR Group from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $145.00 to $168.00 in a research report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $180.00.

Institutional Trading of MYR Group

Several institutional investors and hedge funds have recently made changes to their positions in MYRG. T. Rowe Price Investment Management Inc. lifted its stake in shares of MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Millennium Management LLC lifted its stake in MYR Group by 38.4% during the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after purchasing an additional 128,159 shares during the period. Wellington Management Group LLP raised its stake 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 acquiring an additional 47,445 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of MYR Group by 38.2% in the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after purchasing an additional 91,644 shares in the last quarter. Finally, Artisan Partners Limited Partnership grew its holdings in shares of MYR Group by 19.8% in the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock valued at $48,222,000 after buying an additional 53,496 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

MYR Group Stock Performance

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 stock's 50 day moving average price is $171.30 and its 200 day moving average price is $144.30. The company has a market capitalization of $2.98 billion, a price-to-earnings ratio of 88.05 and a beta of 1.19.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating 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 business's revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.12 earnings per share. Analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

MYR Group Company Profile

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.