MYR Group (NASDAQ:MYRG) Price Target Raised to $153.00 at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG) had its target price boosted by The Goldman Sachs Group from $124.00 to $153.00 in a research note issued to investors on Monday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the utilities provider’s stock.

A number of other brokerages have also weighed in on MYRG. Stifel Nicolaus cut their price objective 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. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Finally, StockNews.com cut MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $143.75.

MYR Group Stock Up 2.4 %

NASDAQ MYRG opened at $133.24 on Monday. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock has a market cap of $2.15 billion, a PE ratio of 58.18 and a beta of 0.89. The stock’s 50 day moving average is $106.69 and its 200 day moving average is $128.25.

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

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UniSuper Management Pty Ltd bought a new position in shares of MYR Group during the 1st quarter valued at approximately $645,000. Trillium Asset Management LLC increased its position in MYR Group by 60.3% during the first quarter. Trillium Asset Management LLC now owns 77,694 shares of the utilities provider’s stock valued at $13,733,000 after acquiring an additional 29,215 shares during the last quarter. Essex Investment Management Co. LLC purchased a new stake in shares of MYR Group in the first quarter valued at $1,359,000. Capital World Investors lifted its holdings in shares of MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after acquiring an additional 831,066 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of MYR Group during the 2nd quarter worth about $5,163,000. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.