Robert W. Baird upgraded shares of MYR Group (NASDAQ:MYRG) from a neutral rating to an outperform rating in a research note issued to investors on Wednesday morning, BenzingaRatingsTable reports. Robert W. Baird currently has $36.00 price objective on the utilities provider’s stock, up from their previous price objective of $35.00.
Other equities analysts also recently issued research reports about the company. B. Riley reduced their price objective on MYR Group from $39.00 to $34.00 and set a neutral rating on the stock in a research report on Friday, August 2nd. Stifel Nicolaus upgraded MYR Group from a hold rating to a buy rating and lifted their price objective for the stock from $32.00 to $39.00 in a research report on Thursday, May 16th. ValuEngine downgraded MYR Group from a hold rating to a sell rating in a research report on Thursday, August 1st. BidaskClub downgraded MYR Group from a hold rating to a sell rating in a research report on Friday, August 9th. Finally, Zacks Investment Research downgraded MYR Group from a buy rating to a hold rating in a research report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. MYR Group has an average rating of Hold and a consensus price target of $37.50.
Shares of NASDAQ MYRG traded up $0.74 during midday trading on Wednesday, hitting $31.95. The stock had a trading volume of 131,945 shares, compared to its average volume of 63,768. The company has a market capitalization of $477.08 million, a PE ratio of 17.09 and a beta of 0.90. The stock has a 50 day simple moving average of $30.07 and a 200-day simple moving average of $33.83. MYR Group has a 1 year low of $26.24 and a 1 year high of $38.14. The company has a quick ratio of 1.69, a current ratio of 1.69 and a debt-to-equity ratio of 0.32.
A number of institutional investors have recently made changes to their positions in MYRG. Nuveen Asset Management LLC purchased a new position in MYR Group during the second quarter worth approximately $8,080,000. BlackRock Inc. lifted its position in MYR Group by 6.7% during the second quarter. BlackRock Inc. now owns 2,681,268 shares of the utilities provider’s stock worth $100,145,000 after buying an additional 167,329 shares in the last quarter. Wells Fargo & Company MN lifted its position in MYR Group by 84.4% during the second quarter. Wells Fargo & Company MN now owns 287,183 shares of the utilities provider’s stock worth $10,726,000 after buying an additional 131,451 shares in the last quarter. Rothschild & Co. Asset Management US Inc. purchased a new position in MYR Group during the second quarter worth approximately $3,231,000. Finally, Invesco Ltd. lifted its position in MYR Group by 38.1% during the second quarter. Invesco Ltd. now owns 286,474 shares of the utilities provider’s stock worth $10,700,000 after buying an additional 79,032 shares in the last quarter. Hedge funds and other institutional investors own 90.99% 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.
See Also: Net Margin
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