Shares of MYR Group Inc. (NASDAQ:MYRG – Get Free Report) have received a consensus recommendation of “Moderate Buy” from the five analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $166.25.
MYRG has been the subject of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on MYR Group from $144.00 to $168.00 and gave the company a “buy” rating in a report on Tuesday, December 19th. KeyCorp initiated coverage on MYR Group in a report on Wednesday, January 10th. They set a “sector weight” rating for the company. The Goldman Sachs Group initiated coverage on MYR Group in a report on Friday, December 15th. They set a “buy” rating and a $164.00 price objective for the company. StockNews.com cut MYR Group from a “buy” rating to a “hold” rating in a report on Tuesday, October 31st. Finally, Sidoti raised MYR Group from a “neutral” rating to a “buy” rating in a research report on Tuesday, October 17th.
MYR Group Price Performance
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in MYR Group by 1.8% during the 2nd quarter. BlackRock Inc. now owns 3,049,734 shares of the utilities provider’s stock valued at $421,900,000 after buying an additional 54,182 shares in the last quarter. Vanguard Group Inc. grew its stake in MYR Group by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 1,228,706 shares of the utilities provider’s stock valued at $104,109,000 after purchasing an additional 37,252 shares during the last quarter. Victory Capital Management Inc. grew its stake in MYR Group by 25.4% during the 4th quarter. Victory Capital Management Inc. now owns 635,475 shares of the utilities provider’s stock valued at $58,508,000 after purchasing an additional 128,881 shares during the last quarter. State Street Corp grew its stake in MYR Group by 0.9% during the 2nd quarter. State Street Corp now owns 595,022 shares of the utilities provider’s stock valued at $82,315,000 after purchasing an additional 5,385 shares during the last quarter. Finally, Millennium Management LLC grew its stake in MYR Group by 13.8% during the 4th quarter. Millennium Management LLC now owns 560,654 shares of the utilities provider’s stock valued at $51,619,000 after purchasing an additional 67,933 shares during the last quarter. 86.29% 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 limited gas construction services, as well as emergency restoration services in response to wildfire, ice, or other related damages.
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