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

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

Separately, Stifel Nicolaus dropped their target price 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, MYR Group currently has an average rating of Moderate Buy and an average target price of $164.00.

MYR Group Stock Performance

MYRG traded down $9.50 on Thursday, hitting $99.50. 497,448 shares of the stock traded hands, compared to its average volume of 154,555. The business has a fifty day moving average price of $142.94 and a two-hundred day moving average price of $153.28. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.67 billion, a PE ratio of 19.13 and a beta of 0.99. MYR Group has a 52 week low of $97.78 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data 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). The firm had revenue of $828.89 million for the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.61%. The business’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.33 earnings per share. On average, research analysts predict that MYR Group will post 5.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Capital World Investors raised its holdings in MYR Group by 578.4% in 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 during the period. Swedbank AB bought a new stake in shares of MYR Group during the 1st quarter worth approximately $51,452,000. Artisan Partners Limited Partnership bought a new stake in shares of MYR Group in the 4th quarter valued at about $15,659,000. F M Investments LLC acquired a new position in shares of MYR Group during the 2nd quarter worth approximately $10,800,000. Finally, Townsend & Associates Inc raised its position in shares of MYR Group by 89.5% in the fourth quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock valued at $13,424,000 after purchasing an additional 45,173 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.