MYR Group (NASDAQ:MYRG) Upgraded by Piper Sandler to “Hold” Rating

MYR Group (NASDAQ:MYRG) was upgraded by equities researchers at Piper Sandler to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Stifel Nicolaus dropped their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a research report on Wednesday. Robert W. Baird cut their target price on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target on the stock in a report on Friday, March 14th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $140.60.

MYR Group Price Performance

MYR Group stock traded down $5.20 during mid-day trading on Monday, reaching $109.91. 27,196 shares of the company’s stock traded hands, compared to its average volume of 207,679. MYR Group has a 12-month low of $86.60 and a 12-month high of $172.73. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 48.14 and a beta of 1.07. The stock has a 50 day moving average of $123.38 and a two-hundred day moving average of $134.10. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

Hedge Funds Weigh In On MYR Group

A number of large investors have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. lifted its position in shares of 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 worth $79,942,000 after purchasing an additional 159,302 shares during the last quarter. Millennium Management LLC increased its stake in 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 buying an additional 128,159 shares during the period. Principal Financial Group Inc. lifted its holdings in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after buying an additional 15,361 shares in the last quarter. Wellington Management Group LLP purchased a new stake in MYR Group in the 4th quarter valued at about $60,217,000. Finally, American Century Companies Inc. grew its stake in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after acquiring an additional 91,644 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.