MYR Group, Inc. (NASDAQ:MYRG) Given Average Rating of “Moderate Buy” by Brokerages

Shares of MYR Group, Inc. (NASDAQ:MYRG) have earned an average rating of “Moderate Buy” from the ten ratings firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $218.7143.

A number of equities analysts recently issued reports on the stock. Stifel Nicolaus upped their price target on shares of MYR Group from $237.00 to $262.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. The Goldman Sachs Group boosted their target price on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Clear Str upgraded shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 30th.

MYR Group Trading Down 1.8%

NASDAQ:MYRG opened at $250.04 on Monday. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.33 and a quick ratio of 1.33. The firm has a market capitalization of $3.88 billion, a P/E ratio of 40.39 and a beta of 1.17. The company’s 50-day simple moving average is $230.36 and its 200 day simple moving average is $209.64. MYR Group has a one year low of $97.72 and a one year high of $263.48.

Insider Transactions at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the transaction, the chief operating officer directly owned 5,797 shares of the company’s stock, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MAI Capital Management lifted its holdings in shares of MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 56 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after buying an additional 104 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in shares of MYR Group during the second quarter valued at about $34,000. Elevation Point Wealth Partners LLC acquired a new position in shares of MYR Group during the second quarter worth $34,000. Finally, Salomon & Ludwin LLC acquired a new position in shares of MYR Group during the third quarter valued at about $34,000. 88.90% of the stock is owned by institutional investors.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.