Robert W. Baird Has Lowered Expectations for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG) had its target price dropped by Robert W. Baird from $201.00 to $159.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the utilities provider’s stock. Robert W. Baird’s target price suggests a potential upside of 26.33% from the company’s previous close.

Several other research analysts have also issued reports on the company. The Goldman Sachs Group raised their target price on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Stifel Nicolaus raised their target price on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Finally, StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th.

MYR Group Stock Up 3.8 %

Shares of NASDAQ:MYRG opened at $125.87 on Thursday. The firm has a market cap of $2.03 billion, a P/E ratio of 54.96 and a beta of 0.94. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group has a 12-month low of $86.60 and a 12-month high of $181.02. The business has a fifty day simple moving average of $143.37 and a 200 day simple moving average of $130.28.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MYRG. Creative Planning raised its position in shares of MYR Group by 193.0% in the 3rd quarter. Creative Planning now owns 4,841 shares of the utilities provider’s stock worth $495,000 after acquiring an additional 3,189 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group in the 3rd quarter worth about $116,000. US Bancorp DE raised its position in shares of MYR Group by 2,187.8% in the 3rd quarter. US Bancorp DE now owns 5,422 shares of the utilities provider’s stock worth $554,000 after acquiring an additional 5,185 shares in the last quarter. Principal Financial Group Inc. increased its position in MYR Group by 3.7% in the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after buying an additional 15,361 shares in the last quarter. Finally, Townsend & Associates Inc increased its position in MYR Group by 5.8% in the 3rd quarter. Townsend & Associates Inc now owns 103,976 shares of the utilities provider’s stock valued at $10,629,000 after buying an additional 5,694 shares in the last quarter. 88.90% of the stock is owned by 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.