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

Piper Sandler upgraded shares of MYR Group (NASDAQ:MYRG) to a hold rating in a research report report published on Monday morning,Zacks.com reports.

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

MYR Group Stock Up 13.0 %

Shares of MYR Group stock opened at $115.11 on Monday. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of 50.27 and a beta of 1.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a 52-week low of $86.60 and a 52-week high of $172.73. The stock has a 50-day simple moving average of $123.38 and a 200-day simple moving average of $134.10.

Hedge Funds Weigh In On MYR Group

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC grew its holdings in shares of MYR Group by 90.2% during the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after buying an additional 1,108 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of MYR Group by 2.2% in the 3rd quarter. Janus Henderson Group PLC now owns 28,746 shares of the utilities provider’s stock valued at $2,938,000 after purchasing an additional 632 shares during the last quarter. Barclays PLC grew its position in MYR Group by 192.2% during the 3rd quarter. Barclays PLC now owns 34,987 shares of the utilities provider’s stock worth $3,578,000 after acquiring an additional 23,013 shares during the last quarter. Tidal Investments LLC lifted its holdings in MYR Group by 2.0% during the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after buying an additional 83 shares during the period. Finally, Principal Financial Group Inc. lifted its stake 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 valued at $44,113,000 after purchasing an additional 15,361 shares during the period. Institutional investors and hedge funds 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.