MYR Group (NASDAQ:MYRG) Shares Down 5.1% – Time to Sell?

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

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. 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 note on Friday, March 14th. Robert W. Baird dropped their price objective on shares of MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, Stifel Nicolaus lifted their target price 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. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.00.

MYR Group Stock Performance

The company has a fifty day moving average price of $131.47 and a two-hundred day moving average price of $133.06. 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 market capitalization of $1.86 billion, a P/E ratio of 50.35 and a beta of 0.93.

Hedge Funds Weigh In On MYR Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC grew its stake 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 purchasing an additional 23,760 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of MYR Group by 11.1% in the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after buying an additional 3,759 shares during the last quarter. Principal Financial Group Inc. increased 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 buying an additional 15,361 shares during the period. Walleye Capital LLC raised its position in shares of MYR Group by 422.6% during the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock worth $4,497,000 after acquiring an additional 35,569 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of MYR Group by 27.0% during the fourth 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. 88.90% of the stock is currently owned by institutional investors and hedge funds.

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.