MYR Group (NASDAQ:MYRG) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

MYR Group Inc. (NASDAQ:MYRG) shares 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 Upgrades and Downgrades

MYRG has been the topic of a number of analyst reports. Robert W. Baird boosted their target price on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus upped their price objective on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, The Goldman Sachs Group boosted their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Stock Down 2.7 %

The company has a market cap of $2.41 billion, a P/E ratio of 65.16 and a beta of 0.96. The stock has a 50-day moving average of $151.21 and a two-hundred day moving average of $128.09. 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 (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to analyst estimates of $917.18 million. During the same period in the previous year, the business posted $1.28 EPS. The business’s quarterly revenue was down 5.5% on a year-over-year basis. On average, research analysts anticipate that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MYRG. TD Asset Management Inc boosted its holdings in MYR Group by 10.4% during the 2nd quarter. TD Asset Management Inc now owns 5,300 shares of the utilities provider’s stock valued at $719,000 after acquiring an additional 500 shares during the period. Choreo LLC purchased a new stake in shares of MYR Group during the second quarter valued at approximately $481,000. Texas Permanent School Fund Corp grew its holdings in shares of MYR Group by 13.5% in the second quarter. Texas Permanent School Fund Corp now owns 16,600 shares of the utilities provider’s stock worth $2,253,000 after purchasing an additional 1,976 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in shares of MYR Group by 0.6% in the second quarter. Mercer Global Advisors Inc. ADV now owns 28,000 shares of the utilities provider’s stock worth $3,800,000 after buying an additional 160 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of MYR Group by 13.3% in the second quarter. Hsbc Holdings PLC now owns 5,113 shares of the utilities provider’s stock worth $695,000 after buying an additional 601 shares during the period. 88.90% of the stock is 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.