MYR Group (NASDAQ:MYRG) Price Target Cut to $180.00 by Analysts at Robert W. Baird

MYR Group (NASDAQ:MYRG) had its price objective lowered by Robert W. Baird from $185.00 to $180.00 in a report released on Thursday, Benzinga reports. The firm currently has an outperform rating on the utilities provider’s stock.

MYRG has been the subject of several other research reports. KeyCorp assumed coverage on MYR Group in a research note on Wednesday, January 10th. They set a sector weight rating for the company. Sidoti downgraded shares of MYR Group from a buy rating to a neutral rating and set a $165.00 price objective for the company. in a research report on Monday, February 26th. Finally, Stifel Nicolaus dropped their target price on shares of MYR Group from $185.00 to $184.00 and set a buy rating on the stock in a research report on Tuesday, April 16th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, MYR Group presently has a consensus rating of Moderate Buy and a consensus price target of $173.25.

MYR Group Trading Down 5.3 %

Shares of NASDAQ MYRG traded down $8.07 during trading on Thursday, reaching $143.92. The company had a trading volume of 250,094 shares, compared to its average volume of 128,941. The stock has a market cap of $2.41 billion, a P/E ratio of 27.89 and a beta of 1.10. The company’s fifty day moving average price is $165.49 and its 200-day moving average price is $146.63. 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 has a 12 month low of $110.87 and a 12 month high of $181.02.

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

Hedge Funds Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in the stock. Moloney Securities Asset Management LLC grew its stake in shares of MYR Group by 0.9% in the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after acquiring an additional 75 shares in the last quarter. Mackenzie Financial Corp grew its position in MYR Group by 3.4% in the 4th quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after purchasing an additional 97 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in MYR Group by 0.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock valued at $3,884,000 after buying an additional 131 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of MYR Group by 37.8% during the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after buying an additional 164 shares in the last quarter. Finally, Mitchell Capital Management Co. boosted its stake in shares of MYR Group by 0.6% in the 3rd quarter. Mitchell Capital Management Co. now owns 33,627 shares of the utilities provider’s stock worth $4,532,000 after buying an additional 199 shares during the last quarter. Institutional investors and hedge funds 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.