MYR Group (NASDAQ:MYRG) Stock Price Down 7.2% – Here’s Why

MYR Group, Inc. (NASDAQ:MYRG) was down 7.2% on Thursday . The stock traded as low as $219.00 and last traded at $218.7850. Approximately 99,005 shares changed hands during trading, a decline of 40% from the average daily volume of 165,820 shares. The stock had previously closed at $235.84.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MYRG shares. KeyCorp restated a “sector weight” rating on shares of MYR Group in a research report on Wednesday, October 1st. Stifel Nicolaus increased their target price on shares of MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a report on Monday, December 29th. Clear Str raised shares of MYR Group to a “strong-buy” rating in a research note on Monday, December 15th. Finally, Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $201.67.

MYR Group Stock Performance

The stock has a 50 day moving average of $223.97 and a 200 day moving average of $202.78. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 35.93 and a beta of 1.18. The company has a quick ratio of 1.33, a current ratio of 1.33 and a debt-to-equity ratio of 0.11.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.82 by $0.23. The firm had revenue of $950.40 million for the quarter, compared to the consensus estimate of $931.72 million. MYR Group had a net margin of 2.78% and a return on equity of 16.65%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 EPS. As a group, analysts predict that MYR Group, Inc. will post 1.16 EPS for the current year.

Insiders Place Their Bets

In other news, COO Don A. Egan sold 2,900 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the sale, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This trade represents a 33.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Maseco LLP bought a new stake in MYR Group in the 2nd quarter valued at about $28,000. Salomon & Ludwin LLC acquired a new position in shares of MYR Group during the third quarter worth approximately $34,000. MAI Capital Management lifted its holdings in shares of MYR Group by 44.8% in the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 56 shares in the last quarter. Elevation Point Wealth Partners LLC acquired a new stake in MYR Group in the 2nd quarter valued at $34,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in MYR Group during the 2nd quarter valued at $34,000. 88.90% of the stock is owned by institutional investors.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.