MYR Group (NASDAQ:MYRG) Given New $180.00 Price Target at Robert W. Baird

MYR Group (NASDAQ:MYRG) had its price target decreased by analysts at Robert W. Baird from $185.00 to $180.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the utilities provider’s stock. Robert W. Baird’s price objective indicates a potential upside of 25.07% from the stock’s current price.

A number of other brokerages also recently commented on MYRG. KeyCorp assumed coverage on MYR Group in a research note on Wednesday, January 10th. They issued a “sector weight” rating on the stock. Sidoti downgraded shares of MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target on the stock. in a report on Monday, February 26th. Finally, Stifel Nicolaus cut their price objective 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. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, MYR Group has an average rating of “Moderate Buy” and an average target price of $173.25.

MYR Group Stock Performance

Shares of MYR Group stock traded down $8.07 on Thursday, reaching $143.92. 250,094 shares of the stock were exchanged, compared to its average volume of 128,941. The business has a 50 day moving average price of $165.49 and a two-hundred day moving average price of $146.63. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 27.89 and a beta of 1.10. MYR Group has a twelve month low of $110.87 and a twelve month high of $181.02. 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 released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, beating the consensus estimate of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The business had revenue of $815.56 million for the quarter, compared to the consensus estimate of $854.13 million. During the same period in the prior year, the firm earned $1.38 EPS. The business’s revenue for the quarter was up .5% on a year-over-year basis. Analysts anticipate that MYR Group will post 6.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. purchased a new stake in shares of MYR Group during the fourth quarter worth $29,000. Fidelis Capital Partners LLC acquired a new position in MYR Group during the first quarter worth about $48,000. Quest Partners LLC purchased a new stake in MYR Group during the 4th quarter valued at about $60,000. GAMMA Investing LLC acquired a new stake in MYR Group in the 4th quarter valued at about $62,000. Finally, Planned Solutions Inc. purchased a new position in MYR Group in the 4th quarter worth approximately $130,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.