MYR Group (NASDAQ:MYRG) Shares Down 2.7%

Shares of MYR Group Inc. (NASDAQ:MYRG) fell 2.7% during trading on Wednesday . The company traded as low as $97.94 and last traded at $97.99. 15,803 shares were traded during trading, a decline of 90% from the average session volume of 166,211 shares. The stock had previously closed at $100.69.

Analyst Ratings Changes

A number of research firms have recently issued reports on MYRG. Robert W. Baird reduced their price target on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $147.75.

MYR Group Stock Down 3.4 %

The business has a 50-day simple moving average of $113.80 and a two-hundred day simple moving average of $141.42. The company has a market cap of $1.63 billion, a price-to-earnings ratio of 19.51 and a beta of 0.93. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same period in the prior year, the firm earned $1.33 EPS. MYR Group’s quarterly revenue was down 6.7% on a year-over-year basis. As a group, equities analysts forecast that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

Institutional Trading of MYR Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Fidelis Capital Partners LLC bought a new position in MYR Group during the first quarter valued at about $48,000. Quest Partners LLC bought a new position in MYR Group during the fourth quarter valued at about $60,000. GAMMA Investing LLC grew its stake in shares of MYR Group by 37.8% in the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 164 shares during the period. Covestor Ltd grew its stake in shares of MYR Group by 23.7% in the 1st quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after purchasing an additional 132 shares during the period. Finally, RiverPark Advisors LLC grew its stake in shares of MYR Group by 360.3% in the 1st quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock valued at $158,000 after purchasing an additional 699 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.