MYR Group (NASDAQ:MYRG) Stock Price Up 4.3% – Here’s What Happened

MYR Group Inc. (NASDAQ:MYRG) shares traded up 4.3% during trading on Tuesday . The stock traded as high as $126.16 and last traded at $125.71. 275,537 shares traded hands during mid-day trading, an increase of 41% from the average session volume of 194,947 shares. The stock had previously closed at $120.50.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Nicolaus lifted their target price on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. KeyCorp upgraded shares of MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective on the stock in a research note on Friday, March 14th. Finally, Robert W. Baird decreased their target price on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $155.00.

MYR Group Stock Performance

The company has a fifty day moving average price of $133.84 and a two-hundred day moving average price of $132.03. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 54.74 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35.

Hedge Funds Weigh In On MYR Group

Several large investors have recently made changes to their positions in the business. MCF Advisors LLC lifted its stake in MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI bought a new stake in shares of MYR Group during the 4th quarter worth $47,000. Smartleaf Asset Management LLC grew its holdings in shares of MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 286 shares during the last quarter. GAMMA Investing LLC raised its position in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after purchasing an additional 118 shares during the period. Finally, ANTIPODES PARTNERS Ltd lifted its holdings in shares of MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after purchasing an additional 72 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

About MYR Group

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.