Robert W. Baird Trims MYR Group (NASDAQ:MYRG) Target Price to $143.00

MYR Group (NASDAQ:MYRG) had its price objective cut by Robert W. Baird from $170.00 to $143.00 in a report released on Thursday, Benzinga reports. They currently have an outperform rating on the utilities provider’s stock.

Separately, Stifel Nicolaus lowered their price target on shares of MYR Group from $185.00 to $184.00 and set a buy rating for the company 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’s stock. According to data from MarketBeat, MYR Group presently has an average rating of Moderate Buy and an average price target of $147.75.

MYR Group Stock Performance

MYRG stock traded down $1.61 on Thursday, reaching $97.89. 181,812 shares of the company were exchanged, compared to its average volume of 154,738. The stock’s fifty day moving average price is $141.74 and its 200 day moving average price is $153.15. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.40. MYR Group has a 12 month low of $92.48 and a 12 month high of $181.02. The firm has a market capitalization of $1.62 billion, a PE ratio of 18.21 and a beta of 0.99.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. During the same quarter in the previous year, the company posted $1.33 earnings per share. MYR Group’s revenue for the quarter was down 6.7% on a year-over-year basis. On average, research analysts anticipate that MYR Group will post 5.4 EPS for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently modified their holdings of the business. Moloney Securities Asset Management LLC increased its stake in MYR Group by 0.9% during the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock worth $1,441,000 after purchasing an additional 75 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of MYR Group by 3.4% during the fourth quarter. Mackenzie Financial Corp now owns 2,985 shares of the utilities provider’s stock worth $432,000 after acquiring an additional 97 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of MYR Group by 1.2% during the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock worth $1,140,000 after acquiring an additional 100 shares during the period. Janney Montgomery Scott LLC lifted its position 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 acquiring an additional 131 shares in the last quarter. Finally, Covestor Ltd lifted its position in MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares in the last quarter. Institutional investors and hedge funds 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.