MYR Group (NASDAQ:MYRG) Trading Down 5.1% – What’s Next?

MYR Group Inc. (NASDAQ:MYRG)’s share price dropped 5.1% during mid-day trading on Wednesday . The company traded as low as $123.02 and last traded at $122.40. Approximately 29,853 shares changed hands during trading, a decline of 85% from the average daily volume of 199,242 shares. The stock had previously closed at $128.97.

Wall Street Analyst Weigh In

MYRG has been the topic of several research analyst reports. 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 research report on Friday, March 14th. Robert W. Baird decreased their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research note on Thursday, February 27th. Finally, Stifel Nicolaus increased their target price on MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MYR Group presently has an average rating of “Moderate Buy” and a consensus price target of $155.00.

MYR Group Price Performance

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 stock has a market capitalization of $1.97 billion, a P/E ratio of 53.24 and a beta of 0.93. The stock’s fifty day moving average is $132.62 and its 200-day moving average is $133.27.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. ANTIPODES PARTNERS Ltd raised its position in shares of MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider’s stock valued at $92,000 after purchasing an additional 72 shares during the period. Captrust Financial Advisors grew its stake in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider’s stock valued at $1,267,000 after buying an additional 75 shares during the last quarter. Tidal Investments LLC raised its holdings in MYR Group by 2.0% in the 3rd quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider’s stock worth $438,000 after acquiring an additional 83 shares during the period. GAMMA Investing LLC lifted its position in MYR Group by 27.0% during the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the last quarter. Finally, MCF Advisors LLC boosted its holdings in MYR Group by 470.0% during the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 141 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.