MYR Group (NASDAQ:MYRG) PT Lowered to $180.00

MYR Group (NASDAQ:MYRG - Free Report) had its price target cut by Robert W. Baird from $185.00 to $180.00 in a report issued on Thursday, Benzinga reports. They currently have an outperform rating on the utilities provider's stock.

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

MYR Group Price Performance

NASDAQ:MYRG traded down $12.83 during trading hours on Thursday, reaching $151.99. The stock had a trading volume of 434,263 shares, compared to its average volume of 136,216. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. MYR Group has a 52 week low of $110.87 and a 52 week high of $181.02. The company has a 50 day moving average price of $166.06 and a two-hundred day moving average price of $146.51. The stock has a market capitalization of $2.54 billion, a PE ratio of 28.04 and a beta of 1.10.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. The firm had revenue of $815.56 million for the quarter, compared to the consensus estimate of $854.13 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The company's revenue for the quarter was up .5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 EPS. As a group, sell-side analysts anticipate that MYR Group will post 6.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Institutional investors have recently added to or reduced their stakes in the stock. Linden Thomas Advisory Services LLC increased its stake in shares of MYR Group by 4.6% in the 4th quarter. Linden Thomas Advisory Services LLC now owns 11,300 shares of the utilities provider's stock worth $1,634,000 after acquiring an additional 493 shares during the last quarter. Mitchell Capital Management Co. increased 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 acquiring an additional 199 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of MYR Group in the 4th quarter worth $62,000. Qube Research & Technologies Ltd increased its stake in shares of MYR Group by 52.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 19,605 shares of the utilities provider's stock worth $2,642,000 after acquiring an additional 6,766 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of 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 acquiring an additional 50,848 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.