MYR Group (NASDAQ:MYRG) Trading Down 2.7%

MYR Group Inc. (NASDAQ:MYRG) was down 2.7% on Wednesday . The company traded as low as $97.94 and last traded at $97.99. Approximately 15,803 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 166,211 shares. The stock had previously closed at $100.69.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. StockNews.com downgraded shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Robert W. Baird reduced their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $137.75.

MYR Group Stock Performance

The stock has a market cap of $1.72 billion, a PE ratio of 19.87 and a beta of 0.93. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a 50-day simple moving average of $112.39 and a 200-day simple moving average of $140.66.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) 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 firm had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. During the same quarter in the previous year, the firm posted $1.33 EPS. The firm’s revenue for the quarter was down 6.7% compared to the same quarter last year. Equities analysts predict that MYR Group Inc. will post 0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several large investors have recently made changes to their positions in MYRG. Janney Montgomery Scott LLC grew its stake in shares of MYR Group by 8.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 21,842 shares of the utilities provider’s stock valued at $3,159,000 after buying an additional 1,787 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of MYR Group during the fourth quarter valued at approximately $338,000. Trexquant Investment LP acquired a new position in shares of MYR Group during the fourth quarter worth $1,017,000. Quest Partners LLC purchased a new position in shares of MYR Group in the fourth quarter valued at $60,000. Finally, Assetmark Inc. grew its holdings in MYR Group by 11.9% during the 4th quarter. Assetmark Inc. now owns 1,890 shares of the utilities provider’s stock valued at $273,000 after purchasing an additional 201 shares in the last quarter. 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.