The Goldman Sachs Group Cuts MYR Group (NASDAQ:MYRG) Price Target to $124.00

MYR Group (NASDAQ:MYRG) had its price target lowered by The Goldman Sachs Group from $182.00 to $124.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a buy rating on the utilities provider’s stock.

A number of other research analysts also recently weighed in on MYRG. Robert W. Baird lowered their target price on MYR Group from $170.00 to $143.00 and set an outperform rating on the stock in a report on Thursday, August 1st. Stifel Nicolaus reduced their price target on MYR Group from $172.00 to $119.00 and set a buy rating for the company in a research report on Monday, August 5th. Finally, StockNews.com cut MYR Group from a hold rating to a sell rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $137.75.

MYR Group Stock Down 0.8 %

MYRG stock opened at $101.66 on Thursday. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The business’s 50-day moving average is $110.70 and its two-hundred day moving average is $139.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 19.70 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. During the same period in the prior year, the company posted $1.33 EPS. The firm’s revenue was down 6.7% compared to the same quarter last year. As a group, analysts forecast that MYR Group will post 0.91 earnings per share for the current year.

Institutional Trading of MYR Group

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of MYR Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after purchasing an additional 5,055 shares in the last quarter. Capital World Investors grew its position in shares of MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after purchasing an additional 831,066 shares in the last quarter. Swedbank AB purchased a new stake in shares of MYR Group during the first quarter worth about $51,452,000. Millennium Management LLC grew its position in shares of MYR Group by 68.9% during the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after purchasing an additional 69,886 shares in the last quarter. Finally, Driehaus Capital Management LLC grew its position in shares of MYR Group by 16.4% during the second quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock worth $19,208,000 after purchasing an additional 19,904 shares in the last quarter. Hedge funds and other institutional investors 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.