Piper Sandler Upgrades MYR Group (NASDAQ:MYRG) to “Hold”

MYR Group (NASDAQ:MYRG) was upgraded by investment analysts at Piper Sandler to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other analysts have also commented on MYRG. Robert W. Baird cut their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a report on Thursday, February 27th. KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a research note on Friday, March 14th. Finally, Stifel Nicolaus dropped their price objective on shares of MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $140.60.

MYR Group Stock Performance

MYRG stock traded down $5.20 on Monday, hitting $109.91. The company had a trading volume of 27,196 shares, compared to its average volume of 207,679. The company has a current ratio of 1.35, a quick 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 $172.73. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 48.14 and a beta of 1.07. The stock’s 50-day simple moving average is $123.38 and its 200 day simple moving average is $134.10.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its holdings in MYR Group by 90.2% during the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after purchasing an additional 1,108 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of MYR Group by 2.2% during the 3rd quarter. Janus Henderson Group PLC now owns 28,746 shares of the utilities provider’s stock valued at $2,938,000 after purchasing an additional 632 shares during the period. Barclays PLC lifted its stake in shares of MYR Group by 192.2% during the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock valued at $3,578,000 after buying an additional 23,013 shares in the last quarter. Tidal Investments LLC boosted its holdings in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares during the period. Finally, Principal Financial Group Inc. increased its stake 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 worth $44,113,000 after buying an additional 15,361 shares in the last quarter. 88.90% of the stock is currently 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.