MYR Group (NASDAQ:MYRG) Sets New 12-Month High at $181.02

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $181.02 and last traded at $178.21, with a volume of 4614 shares trading hands. The stock had previously closed at $178.21.

Wall Street Analysts Forecast Growth

MYRG has been the subject of several analyst reports. Sidoti lowered shares of MYR Group from a "buy" rating to a "neutral" rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. The Goldman Sachs Group began coverage on shares of MYR Group in a research report on Friday, December 15th. They set a "buy" rating and a $164.00 target price for the company. KeyCorp initiated coverage on shares of MYR Group in a report on Wednesday, January 10th. They issued a "sector weight" rating on the stock. Finally, Stifel Nicolaus increased their price objective on MYR Group from $168.00 to $185.00 and gave the company a "buy" rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $171.00.

MYR Group Stock Down 0.7 %

The company's 50-day moving average is $161.57 and its 200 day moving average is $142.59. The stock has a market capitalization of $2.96 billion, a PE ratio of 32.66 and a beta of 1.08. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings results on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.41 by $0.02. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $904.76 million. MYR Group had a net margin of 2.50% and a return on equity of 14.80%. The business's quarterly revenue was up 16.2% on a year-over-year basis. During the same quarter last year, the company posted $1.46 earnings per share. As a group, analysts anticipate that MYR Group Inc. will post 6.65 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Point72 Middle East FZE acquired a new position in MYR Group in the 4th quarter worth approximately $27,000. Daiwa Securities Group Inc. acquired a new stake in shares of MYR Group in the fourth quarter worth $29,000. Advisory Services Network LLC raised its holdings in shares of MYR Group by 585.0% during the first quarter. Advisory Services Network LLC now owns 274 shares of the utilities provider's stock worth $35,000 after purchasing an additional 234 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in MYR Group by 24.0% during the second quarter. Tower Research Capital LLC TRC now owns 382 shares of the utilities provider's stock valued at $53,000 after purchasing an additional 74 shares during the period. Finally, IFP Advisors Inc purchased a new stake in MYR Group in the third quarter valued at $54,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.