MYR Group (NASDAQ:MYRG) Price Target Cut to $145.00 by Analysts at The Goldman Sachs Group

MYR Group (NASDAQ:MYRG) had its target price cut by The Goldman Sachs Group from $164.00 to $145.00 in a research report report published on Thursday morning,Benzinga reports. They currently have a buy rating on the utilities provider’s stock.

Several other equities research analysts have also weighed in on MYRG. KeyCorp raised MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price objective for the company in a report on Friday, March 14th. Robert W. Baird dropped their price target on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research note on Thursday, February 27th. Piper Sandler initiated coverage on shares of MYR Group in a research note on Tuesday, April 8th. They issued a “neutral” rating and a $124.00 price objective for the company. Finally, Stifel Nicolaus dropped their target price on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.00.

MYR Group Trading Up 3.6 %

NASDAQ:MYRG opened at $120.66 on Thursday. MYR Group has a 12 month low of $86.60 and a 12 month high of $171.10. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm’s 50 day moving average is $117.48 and its 200 day moving average is $134.75. The stock has a market capitalization of $1.95 billion, a PE ratio of 52.69 and a beta of 1.07.

Institutional Investors Weigh In On MYR Group

Large investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. raised its holdings in shares of MYR Group by 42.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Millennium Management LLC raised its stake in MYR Group by 38.4% in the fourth quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after purchasing an additional 128,159 shares in the last quarter. Principal Financial Group Inc. lifted its position in MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Wellington Management Group LLP purchased a new position in MYR Group in the 4th quarter worth approximately $60,217,000. Finally, American Century Companies Inc. raised its position in shares of MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock valued at $49,368,000 after buying an additional 91,644 shares in the last quarter. Institutional investors own 88.90% of the company’s stock.

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.