MYR Group (NASDAQ:MYRG) Cut to “Neutral” at The Goldman Sachs Group

The Goldman Sachs Group lowered shares of MYR Group (NASDAQ:MYRG) from a buy rating to a neutral rating in a report published on Friday, Marketbeat Ratings reports. The Goldman Sachs Group currently has $168.00 price target on the utilities provider’s stock, up from their previous price target of $145.00.

MYRG has been the subject of several other reports. Robert W. Baird boosted their price objective on shares of MYR Group from $159.00 to $170.00 and gave the stock an “outperform” rating in a research note on Thursday, May 1st. KeyCorp upped their price target on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research report on Friday, May 2nd. Piper Sandler increased their price target on MYR Group from $138.00 to $153.00 and gave the company a “neutral” rating in a report on Tuesday, May 27th. Stifel Nicolaus reduced their price objective on MYR Group from $157.00 to $131.00 and set a “buy” rating on the stock in a research note on Wednesday, April 9th. Finally, Wall Street Zen raised MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Trading Up 0.6%

MYRG stock opened at $165.57 on Friday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 72.30 and a beta of 1.17. The business has a fifty day simple moving average of $138.40 and a 200-day simple moving average of $139.99. MYR Group has a 52 week low of $86.60 and a 52 week high of $168.88.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The company had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same period last year, the business posted $1.12 EPS. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts expect that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Inspire Investing LLC grew its stake in shares of MYR Group by 13.8% during the first quarter. Inspire Investing LLC now owns 3,043 shares of the utilities provider’s stock valued at $344,000 after acquiring an additional 368 shares in the last quarter. Strs Ohio purchased a new position in MYR Group in the first quarter valued at about $339,000. Intech Investment Management LLC grew its stake in MYR Group by 24.5% during the 1st quarter. Intech Investment Management LLC now owns 18,540 shares of the utilities provider’s stock valued at $2,097,000 after purchasing an additional 3,647 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MYR Group by 214.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 302,549 shares of the utilities provider’s stock worth $34,215,000 after purchasing an additional 206,369 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of MYR Group by 0.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock valued at $22,998,000 after purchasing an additional 1,437 shares in the last quarter. Hedge funds and other institutional investors own 88.90% 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; 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.