Piper Sandler Begins Coverage on MYR Group (NASDAQ:MYRG)

Piper Sandler began coverage on shares of MYR Group (NASDAQ:MYRG - Free Report) in a report issued on Tuesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $124.00 price objective on the utilities provider's stock.

A number of other analysts have also recently weighed in on the stock. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. KeyCorp upgraded shares of MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective on the stock in a research note on Friday, March 14th. Finally, Stifel Nicolaus increased their price objective on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research report on Wednesday, December 11th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $140.60.

MYR Group Stock Performance

MYRG traded down $0.03 on Tuesday, hitting $111.86. 152,061 shares of the company's stock were exchanged, compared to its average volume of 208,853. The firm has a market cap of $1.81 billion, a PE ratio of 48.85 and a beta of 1.07. The stock has a fifty day moving average of $122.20 and a two-hundred day moving average of $134.29. MYR Group has a twelve month low of $86.60 and a twelve month high of $172.73. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its holdings in MYR Group by 12,329.7% during the 1st quarter. GAMMA Investing LLC now owns 68,985 shares of the utilities provider's stock worth $7,802,000 after acquiring an additional 68,430 shares during the period. Versant Capital Management Inc increased its holdings in MYR Group by 85.4% during the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after purchasing an additional 210 shares in the last quarter. Wellington Management Group LLP acquired a new stake in MYR Group in the 4th quarter valued at approximately $60,217,000. Mackenzie Financial Corp raised its holdings in shares of MYR Group by 121.4% in the fourth quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider's stock valued at $1,609,000 after purchasing an additional 5,930 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in MYR Group by 4.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider's stock valued at $14,309,000 after buying an additional 3,720 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

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.