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

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

Other research analysts have also issued reports about the stock. StockNews.com lowered shares of MYR Group from a hold rating to a sell rating in a research note on Wednesday, September 18th. Robert W. Baird cut their price objective on shares of MYR Group from $170.00 to $143.00 and set an outperform rating on the stock in a research report on Thursday, August 1st. Finally, Stifel Nicolaus decreased their target price 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $137.75.

MYR Group Stock Performance

MYRG stock opened at $101.66 on Thursday. MYR Group has a 1-year low of $86.60 and a 1-year high of $181.02. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average price of $110.70 and a 200-day moving average price of $139.63. The firm has a market cap of $1.70 billion, a PE ratio of 19.70 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last issued 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). The business had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company’s revenue for the quarter was down 6.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.33 earnings per share. As a group, equities research analysts expect that MYR Group will post 0.91 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Capital World Investors lifted its position in MYR Group by 578.4% in the 1st 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 in the last quarter. Swedbank AB bought a new position in shares of MYR Group in the first quarter valued at approximately $51,452,000. Artisan Partners Limited Partnership purchased a new position in shares of MYR Group during the fourth quarter valued at approximately $15,659,000. F M Investments LLC bought a new stake in MYR Group during the second quarter worth $10,800,000. Finally, Millennium Management LLC raised its position in MYR Group by 68.9% in the 2nd 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 last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.