Robert W. Baird Forecasts Strong Price Appreciation for MYR Group (NASDAQ:MYRG) Stock

MYR Group (NASDAQ:MYRG) had its price objective upped by Robert W. Baird from $131.00 to $138.00 in a report published on Thursday morning, Benzinga reports. The brokerage currently has an outperform rating on the utilities provider’s stock.

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

MYR Group Stock Performance

Shares of MYRG stock opened at $130.09 on Thursday. The stock has a market cap of $2.10 billion, a PE ratio of 56.81 and a beta of 0.89. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.36 and a current ratio of 1.35. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02. The stock has a fifty day moving average price of $106.69 and a 200 day moving average price of $128.48.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $888.00 million for the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the prior year, the firm earned $1.28 earnings per share. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. Sell-side analysts forecast that MYR Group will post 0.88 earnings per share for the current fiscal year.

Institutional Trading of MYR Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Capital World Investors grew its position in MYR Group by 578.4% during the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after acquiring an additional 831,066 shares during the period. Swedbank AB purchased a new stake in shares of MYR Group during the 1st quarter worth about $51,452,000. Assenagon Asset Management S.A. grew its holdings in shares of MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock worth $18,978,000 after purchasing an additional 147,598 shares during the period. F M Investments LLC acquired a new stake in MYR Group during the 2nd quarter worth approximately $10,800,000. Finally, Millennium Management LLC raised its holdings in MYR Group by 68.9% in the second quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock valued at $23,251,000 after buying an additional 69,886 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.