Robert W. Baird Issues Pessimistic Forecast for MYR Group (NASDAQ:MYRG) Stock Price

MYR Group (NASDAQ:MYRG) had its price target dropped by investment analysts at Robert W. Baird from $201.00 to $159.00 in a report released on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the utilities provider’s stock. Robert W. Baird’s price objective would suggest a potential upside of 29.56% from the company’s previous close.

MYRG has been the subject of a number of other reports. Stifel Nicolaus lifted their price target on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. The Goldman Sachs Group lifted their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, November 4th. Finally, StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th.

MYR Group Stock Performance

Shares of NASDAQ MYRG opened at $122.72 on Thursday. The company has a market cap of $1.98 billion, a PE ratio of 53.59 and a beta of 0.94. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The company has a 50-day simple moving average of $142.07 and a 200-day simple moving average of $130.37.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its position in shares of MYR Group by 77.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock worth $8,045,000 after acquiring an additional 23,760 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of MYR Group by 11.1% in the third quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after purchasing an additional 3,759 shares during the period. State of New Jersey Common Pension Fund D boosted its stake in shares of MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after purchasing an additional 7,655 shares during the period. Principal Financial Group Inc. boosted its stake in shares of MYR Group by 3.7% in the third 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. Finally, Walleye Capital LLC boosted its stake in shares of MYR Group by 422.6% in the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after purchasing an additional 35,569 shares during the period. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

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.