MYR Group, Inc. (NASDAQ:MYRG - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $170.85 and last traded at $170.49, with a volume of 51321 shares traded. The stock had previously closed at $166.99.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. The Goldman Sachs Group lowered shares of MYR Group from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $145.00 to $168.00 in a research report on Friday, June 6th. Robert W. Baird lifted their price target on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. Stifel Nicolaus dropped their price objective on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler raised their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. Finally, Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $157.00.
Get Our Latest Stock Analysis on MYR Group
MYR Group Price Performance
The business's 50 day moving average is $149.62 and its two-hundred day moving average is $140.64. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.31 and a current ratio of 1.31. The firm has a market capitalization of $2.63 billion, a PE ratio of 77.68 and a beta of 1.17.
MYR Group (NASDAQ:MYRG - Get Free Report) last posted 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 analyst estimates of $788.98 million. MYR Group had a return on equity of 5.84% and a net margin of 1.02%. The business's revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the company earned $1.12 earnings per share. Equities research analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers lifted its holdings in shares of MYR Group by 0.5% in the fourth quarter. Rhumbline Advisers now owns 45,246 shares of the utilities provider's stock worth $6,731,000 after buying an additional 216 shares in the last quarter. Truist Financial Corp increased its holdings in MYR Group by 51.1% during the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider's stock worth $506,000 after acquiring an additional 1,150 shares during the period. New York State Common Retirement Fund lifted its stake in MYR Group by 25.6% in the 4th quarter. New York State Common Retirement Fund now owns 86,016 shares of the utilities provider's stock worth $12,797,000 after purchasing an additional 17,559 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in MYR Group by 35.7% in the 4th quarter. Handelsbanken Fonder AB now owns 3,800 shares of the utilities provider's stock valued at $565,000 after purchasing an additional 1,000 shares during the period. Finally, Arcadia Investment Management Corp MI bought a new position in MYR Group in the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 88.90% of the company's stock.
MYR Group Company Profile
(
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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