MYR Group (NASDAQ:MYRG) Shares Up 4.3% - What's Next?

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) shares shot up 4.3% during mid-day trading on Tuesday . The stock traded as high as $126.16 and last traded at $125.71. 275,537 shares were traded during 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 brokerages recently issued reports on MYRG. Stifel Nicolaus boosted their price target on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research note on Thursday, February 27th. Finally, KeyCorp upgraded 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus price target of $155.00.

MYR Group Stock Up 1.3 %

The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of 55.48 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average price of $133.11 and a 200 day moving average price of $132.16.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC boosted its holdings in shares of MYR Group by 77.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider's stock worth $8,045,000 after acquiring an additional 23,760 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider's stock worth $3,859,000 after buying an additional 3,759 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after buying an additional 15,361 shares in the last quarter. Walleye Capital LLC lifted its holdings in MYR Group by 422.6% during the 3rd quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider's stock worth $4,497,000 after buying an additional 35,569 shares in the last quarter. Finally, GAMMA Investing LLC lifted its holdings in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after buying an additional 118 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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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.