MYR Group (NASDAQ:MYRG) Given New $138.00 Price Target at Robert W. Baird

MYR Group (NASDAQ:MYRG) had its price target boosted by equities researchers at Robert W. Baird from $131.00 to $138.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the utilities provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 6.08% from the stock’s previous close.

MYRG has been the topic of a number of other reports. Stifel Nicolaus lowered their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research report on Monday, August 5th. The Goldman Sachs Group decreased their price target on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Finally, StockNews.com cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $136.50.

MYR Group Stock Performance

NASDAQ MYRG opened at $130.09 on Thursday. The company’s fifty day moving average is $106.69 and its two-hundred day moving average is $128.73. MYR Group has a 52-week low of $86.60 and a 52-week high of $181.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of 56.81 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 5.91% and a net margin of 1.08%. The business had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same period last year, the business earned $1.28 earnings per share. The firm’s revenue for the quarter was down 5.5% compared to the same quarter last year. Equities research analysts forecast that MYR Group will post 0.88 EPS for the current year.

Institutional Trading of MYR Group

Large investors have recently bought and sold shares of the stock. Townsend & Associates Inc boosted its stake in shares of MYR Group by 5.8% in the 3rd quarter. Townsend & Associates Inc now owns 103,976 shares of the utilities provider’s stock valued at $10,629,000 after purchasing an additional 5,694 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. US Bancorp DE boosted its position in MYR Group by 2,187.8% in the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider’s stock valued at $554,000 after buying an additional 5,185 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in MYR Group in the third quarter valued at about $116,000. Finally, Assenagon Asset Management S.A. grew its stake in MYR Group by 387.9% during the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after buying an additional 147,598 shares during the last quarter. 88.90% of the stock is currently owned by 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.