Analysts Set MYR Group Inc. (NASDAQ:MYRG) Price Target at $173.25

Shares of MYR Group Inc. (NASDAQ:MYRG) have received an average rating of “Moderate Buy” from the five analysts that are covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $173.25.

Several research firms have recently commented on MYRG. Robert W. Baird decreased their price target on shares of MYR Group from $185.00 to $180.00 and set an “outperform” rating for the company in a report on Thursday, May 2nd. Stifel Nicolaus decreased their price target on shares of MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a report on Tuesday, April 16th.

Institutional Trading of MYR Group

A number of institutional investors have recently made changes to their positions in MYRG. Capital World Investors lifted its stake in shares of MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after acquiring an additional 831,066 shares during the period. Swedbank AB acquired a new stake in shares of MYR Group in the 1st quarter worth approximately $51,452,000. Artisan Partners Limited Partnership acquired a new stake in shares of MYR Group in the 4th quarter worth approximately $15,659,000. Assenagon Asset Management S.A. raised its holdings in shares of MYR Group by 85.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 110,119 shares of the utilities provider’s stock worth $15,927,000 after purchasing an additional 50,848 shares in the last quarter. Finally, Townsend & Associates Inc raised its holdings in shares of MYR Group by 89.5% in the 4th quarter. Townsend & Associates Inc now owns 95,619 shares of the utilities provider’s stock worth $13,424,000 after purchasing an additional 45,173 shares in the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Price Performance

MYRG opened at $138.86 on Friday. The company has a fifty day simple moving average of $153.39 and a 200 day simple moving average of $154.20. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of 26.91 and a beta of 1.04. MYR Group has a twelve month low of $110.87 and a twelve month high of $181.02. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.05.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.64%. The company had revenue of $815.56 million during the quarter, compared to analyst estimates of $854.13 million. During the same period last year, the business earned $1.38 EPS. The firm’s revenue for the quarter was up .5% compared to the same quarter last year. Equities research analysts expect that MYR Group will post 5.5 EPS for the current fiscal year.

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.