KeyCorp Upgrades MYR Group (NASDAQ:MYRG) to Overweight

MYR Group (NASDAQ:MYRG) was upgraded by analysts at KeyCorp from a “sector weight” rating to an “overweight” rating in a research report issued on Friday, Marketbeat reports. The brokerage presently has a $136.00 price target on the utilities provider’s stock. KeyCorp’s target price indicates a potential upside of 21.80% from the company’s previous close.

MYRG has been the subject of several other research reports. Robert W. Baird decreased their target price 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 target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $155.00.

MYR Group Price Performance

MYRG opened at $111.66 on Friday. 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 1-year low of $86.60 and a 1-year high of $181.02. The company has a 50-day moving average of $136.63 and a 200-day moving average of $131.35. The company has a market capitalization of $1.80 billion, a P/E ratio of 48.76 and a beta of 0.93.

Institutional Trading of MYR Group

Hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. raised its holdings in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after buying an additional 159,302 shares during the last quarter. Millennium Management LLC increased its position in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after acquiring an additional 128,159 shares during the period. Principal Financial Group Inc. raised its stake 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 acquiring an additional 15,361 shares in the last quarter. Wellington Management Group LLP bought a new stake in MYR Group during the 4th quarter valued at $60,217,000. Finally, American Century Companies Inc. boosted its position in MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after acquiring an additional 91,644 shares during the period. 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.