MYR Group (NASDAQ:MYRG) Upgraded to Overweight at KeyCorp

KeyCorp upgraded shares of MYR Group (NASDAQ:MYRG) from a sector weight rating to an overweight rating in a report released on Friday morning, Marketbeat Ratings reports. They currently have $136.00 price objective on the utilities provider’s stock.

A number of other equities analysts also recently commented on the company. Robert W. Baird lowered their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Stifel Nicolaus increased their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $155.00.

MYR Group Trading Up 5.0 %

Shares of MYRG stock opened at $117.21 on Friday. The company has a 50 day moving average price of $135.18 and a 200 day moving average price of $131.31. The stock has a market capitalization of $1.89 billion, a P/E ratio of 51.18 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02.

Hedge Funds Weigh In On MYR Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its position in shares of MYR Group by 77.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock worth $8,045,000 after buying an additional 23,760 shares during the last quarter. Fisher Asset Management LLC lifted its position in MYR Group by 11.1% in the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after acquiring an additional 3,759 shares during the last quarter. State of New Jersey Common Pension Fund D boosted its stake in MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after acquiring an additional 7,655 shares in the last quarter. Principal Financial Group Inc. boosted its stake in MYR Group by 3.7% in the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after acquiring an additional 15,361 shares in the last quarter. Finally, Walleye Capital LLC grew its holdings in shares of MYR Group by 422.6% during the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after purchasing an additional 35,569 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.