Robert W. Baird Lowers MYR Group (NASDAQ:MYRG) Price Target to $159.00

MYR Group (NASDAQ:MYRG) had its price target lowered by Robert W. Baird from $201.00 to $159.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an outperform rating on the utilities provider’s stock.

Several other brokerages have also recently issued reports on MYRG. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus increased their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Finally, The Goldman Sachs Group boosted their price objective on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research note on Monday, November 4th.

MYR Group Trading Down 4.7 %

Shares of NASDAQ MYRG opened at $120.00 on Thursday. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The firm has a market cap of $1.93 billion, a PE ratio of 52.40 and a beta of 0.94. The business has a fifty day simple moving average of $142.68 and a two-hundred day simple moving average of $130.21. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. T. Rowe Price Investment Management Inc. lifted its position in MYR Group by 42.1% during the fourth 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 during the last quarter. Millennium Management LLC boosted its position in shares of MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock worth $68,706,000 after purchasing an additional 128,159 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of 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 purchasing an additional 15,361 shares in the last quarter. Wellington Management Group LLP purchased a new position in MYR Group during the 4th quarter worth $60,217,000. Finally, American Century Companies Inc. increased its position in 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. Hedge funds and other 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.