MYR Group (NASDAQ:MYRG) Price Target Cut to $180.00

MYR Group (NASDAQ:MYRG) had its price objective cut by Robert W. Baird from $185.00 to $180.00 in a research note published on Thursday, Benzinga reports. They currently have an outperform rating on the utilities provider’s stock.

Several other research firms have also issued reports on MYRG. Sidoti lowered MYR Group from a buy rating to a neutral rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. Stifel Nicolaus decreased their target price on shares of MYR Group from $185.00 to $184.00 and set a buy rating for the company in a report on Tuesday, April 16th. Finally, KeyCorp started coverage on shares of MYR Group in a report on Wednesday, January 10th. They set a sector weight rating on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of Moderate Buy and a consensus target price of $173.25.

MYR Group Stock Down 5.3 %

Shares of NASDAQ MYRG traded down $8.07 on Thursday, reaching $143.92. 250,094 shares of the company’s stock traded hands, compared to its average volume of 128,941. The business’s 50 day simple moving average is $165.49 and its two-hundred day simple moving average is $146.63. MYR Group has a 12 month low of $110.87 and a 12 month high of $181.02. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 27.89 and a beta of 1.10. The company has a quick ratio of 1.37, a current ratio of 1.40 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.10. MYR Group had a return on equity of 13.64% and a net margin of 2.38%. The company had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. During the same quarter last year, the company earned $1.38 EPS. The firm’s revenue for the quarter was up .5% on a year-over-year basis. As a group, equities research analysts forecast that MYR Group will post 6.64 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently bought and sold shares of MYRG. Capital World Investors bought a new stake in shares of MYR Group in the fourth quarter worth approximately $20,781,000. Artisan Partners Limited Partnership purchased a new stake in MYR Group in the fourth quarter worth approximately $15,659,000. Assenagon Asset Management S.A. grew its position in MYR Group by 85.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after purchasing an additional 50,848 shares during the period. Townsend & Associates Inc raised its stake in MYR Group by 89.5% during the 4th quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock valued at $13,424,000 after buying an additional 45,173 shares during the last quarter. Finally, Trillium Asset Management LLC bought a new position in shares of MYR Group during the 3rd quarter valued at $5,543,000. Institutional investors own 88.90% of the company’s stock.

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.