MYR Group (NASDAQ:MYRG) Shares Up 4.3% – Should You Buy?

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

Analyst Upgrades and Downgrades

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

MYR Group Stock Down 0.9 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The business has a 50 day simple moving average of $133.84 and a 200 day simple moving average of $132.03. The stock has a market cap of $2.02 billion, a PE ratio of 54.74 and a beta of 0.93.

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in the company. MCF Advisors LLC raised its holdings in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in MYR Group during the fourth quarter worth $47,000. Smartleaf Asset Management LLC lifted its position in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider’s stock worth $49,000 after buying an additional 286 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after acquiring an additional 118 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd raised its stake in shares of MYR Group by 13.2% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after acquiring an additional 72 shares in the last quarter. Institutional investors and hedge funds 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.