The Goldman Sachs Group Downgrades MYR Group (NASDAQ:MYRG) to Neutral

MYR Group (NASDAQ:MYRG - Get Free Report) was downgraded by The Goldman Sachs Group from a "buy" rating to a "neutral" rating in a research note issued to investors on Friday,Finviz reports.

A number of other equities research analysts have also issued reports on the stock. Stifel Nicolaus decreased their target price on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Piper Sandler lifted their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 24th. Robert W. Baird lifted their price target on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, KeyCorp boosted their price target on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $152.40.

MYR Group Price Performance

MYRG opened at $164.53 on Friday. The firm has a market capitalization of $2.55 billion, a P/E ratio of 71.85 and a beta of 1.17. The stock has a fifty day moving average of $137.36 and a 200-day moving average of $139.94. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 12-month low of $86.60 and a 12-month high of $168.88.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million during the quarter, compared to the consensus estimate of $788.98 million. During the same period in the prior year, the business earned $1.12 EPS. The business's revenue for the quarter was up 2.2% on a year-over-year basis. Equities analysts forecast that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently added to or reduced their stakes in the stock. Quarry LP lifted its stake in shares of MYR Group by 190.4% in the first quarter. Quarry LP now owns 273 shares of the utilities provider's stock worth $31,000 after buying an additional 179 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of MYR Group in the fourth quarter worth about $47,000. Smartleaf Asset Management LLC increased its stake in shares of MYR Group by 697.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock worth $49,000 after purchasing an additional 286 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in shares of MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock worth $39,000 after purchasing an additional 165 shares during the last quarter. Finally, Versant Capital Management Inc boosted its stake in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 210 shares during the period. Institutional investors own 88.90% of the company's stock.

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.

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