MYR Group (NASDAQ:MYRG) Given New $153.00 Price Target at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG - Free Report) had its price target boosted by The Goldman Sachs Group from $124.00 to $153.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the utilities provider's stock.

Several other brokerages have also issued reports on MYRG. Robert W. Baird boosted their target price on MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research note on Thursday. StockNews.com lowered MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. Finally, Stifel Nicolaus decreased their price objective on MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, MYR Group has a consensus rating of "Hold" and an average target price of $143.75.

MYR Group Stock Performance

Shares of MYRG stock traded up $3.15 during trading on Monday, hitting $133.24. The company's stock had a trading volume of 338,299 shares, compared to its average volume of 177,449. The business has a fifty day moving average of $106.69 and a 200-day moving average of $128.25. The company has a market cap of $2.15 billion, a PE ratio of 58.18 and a beta of 0.89. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The company has a current ratio of 1.35, a quick ratio of 1.36 and a debt-to-equity ratio of 0.15.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million for the quarter, compared to analysts' expectations of $917.18 million. During the same quarter in the previous year, the firm earned $1.28 earnings per share. The business's revenue was down 5.5% on a year-over-year basis. As a group, research analysts anticipate that MYR Group will post 0.88 earnings per share for the current year.

Hedge Funds Weigh In On MYR Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors boosted its holdings in MYR Group by 578.4% during 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 during the period. Principal Financial Group Inc. boosted its holdings in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after acquiring an additional 15,361 shares during the period. Swedbank AB purchased a new stake in MYR Group during the 1st quarter valued at about $51,452,000. TimesSquare Capital Management LLC boosted its holdings in MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock valued at $21,794,000 after acquiring an additional 136,643 shares during the period. Finally, Assenagon Asset Management S.A. boosted its holdings in MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock valued at $18,978,000 after acquiring an additional 147,598 shares during the period. 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.