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

MYR Group (NASDAQ:MYRG - Get Free Report) was upgraded by analysts at Piper Sandler to a "hold" rating in a research note issued to investors on Monday, April 7th,Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus cut their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. KeyCorp upgraded MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 price objective for the company in a research report on Friday, March 14th. Finally, Robert W. Baird dropped their target price on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, MYR Group presently has an average rating of "Moderate Buy" and an average price target of $140.60.

MYR Group Trading Up 1.2 %

Shares of NASDAQ:MYRG traded up $1.38 during midday trading on Monday, reaching $114.39. The company had a trading volume of 34,549 shares, compared to its average volume of 207,983. The company has a fifty day simple moving average of $121.63 and a two-hundred day simple moving average of $134.59. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 49.95 and a beta of 1.07. MYR Group has a 1-year low of $86.60 and a 1-year high of $172.73. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

Institutional Investors Weigh In On MYR Group

Several institutional investors have recently made changes to their positions in the company. MCF Advisors LLC increased its holdings in shares of MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after acquiring an additional 141 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in MYR Group in the 4th quarter worth $47,000. Smartleaf Asset Management LLC raised its holdings in MYR Group by 697.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after acquiring an additional 286 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of MYR Group by 85.4% in the 1st quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock worth $52,000 after acquiring an additional 210 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock worth $83,000 after purchasing an additional 118 shares in the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.