MYR Group (NASDAQ:MYRG) Stock Price Crosses Above 200-Day Moving Average – What’s Next?

MYR Group Inc. (NASDAQ:MYRG) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $128.09 and traded as high as $155.53. MYR Group shares last traded at $149.21, with a volume of 154,659 shares.

Analyst Ratings Changes

A number of brokerages recently issued reports on MYRG. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus boosted 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. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group boosted their price objective on shares of MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Price Performance

The stock has a market cap of $2.41 billion, a PE ratio of 65.16 and a beta of 0.96. The business has a fifty day simple moving average of $151.21 and a two-hundred day simple moving average of $128.09. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $1.28 earnings per share. Research analysts forecast that MYR Group Inc. will post 1.16 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. State of New Jersey Common Pension Fund D grew its holdings 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 worth $1,959,000 after purchasing an additional 7,655 shares during the period. Fisher Asset Management LLC boosted its position in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock worth $3,859,000 after purchasing an additional 3,759 shares in the last quarter. Walleye Capital LLC grew its stake in shares of MYR Group by 422.6% in 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 during the last quarter. Principal Financial Group Inc. increased its position 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 valued at $44,113,000 after buying an additional 15,361 shares in the last quarter. Finally, FORA Capital LLC purchased a new position in MYR Group during the third quarter valued at $417,000. 88.90% of the stock is currently owned by institutional investors.

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.