MYR Group (NASDAQ:MYRG) PT Lowered to $143.00 at Robert W. Baird

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

Separately, Stifel Nicolaus reduced their price objective on MYR Group from $185.00 to $184.00 and set a buy rating on the stock in a research note on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $147.75.

MYR Group Stock Performance

MYR Group stock traded down $1.61 during midday trading on Thursday, hitting $97.89. The stock had a trading volume of 181,812 shares, compared to its average volume of 154,738. The company has a current ratio of 1.36, a quick ratio of 1.40 and a debt-to-equity ratio of 0.06. MYR Group has a 52-week low of $92.48 and a 52-week high of $181.02. The company has a market capitalization of $1.62 billion, a PE ratio of 18.21 and a beta of 0.99. The firm’s fifty day moving average is $141.74 and its two-hundred day moving average is $153.15.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data 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 return on equity of 7.65% and a net margin of 1.37%. The business had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. During the same period last year, the company earned $1.33 EPS. The business’s revenue was down 6.7% on a year-over-year basis. On average, research analysts forecast that MYR Group will post 5.4 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. purchased a new stake in MYR Group during the fourth quarter valued at approximately $29,000. Fidelis Capital Partners LLC purchased a new stake in MYR Group during the 1st quarter valued at $48,000. Quest Partners LLC bought a new stake in MYR Group in the fourth quarter worth $60,000. GAMMA Investing LLC purchased a new position in MYR Group during the fourth quarter worth $62,000. Finally, Covestor Ltd raised its stake in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after acquiring an additional 132 shares during the period. Hedge funds and other 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.