MYR Group (NASDAQ:MYRG) Stock Price Down 7.3% – Time to Sell?

MYR Group, Inc. (NASDAQ:MYRG)’s share price fell 7.3% during mid-day trading on Wednesday . The stock traded as low as $468.00 and last traded at $464.0570. 28,396 shares were traded during mid-day trading, a decline of 90% from the average session volume of 276,219 shares. The stock had previously closed at $500.40.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. The Goldman Sachs Group lifted their price target on shares of MYR Group from $248.00 to $296.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 3rd. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Finally, Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Performance

The stock has a market cap of $7.28 billion, a P/E ratio of 51.82 and a beta of 1.32. The stock has a fifty day simple moving average of $435.71 and a 200-day simple moving average of $321.73. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.MYR Group’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.45 EPS. Equities analysts expect that MYR Group, Inc. will post 11.43 earnings per share for the current fiscal year.

Insider Buying and Selling at MYR Group

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the sale, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the completion of the transaction, the director directly owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Several large investors have recently modified their holdings of MYRG. Farther Finance Advisors LLC raised its position in shares of MYR Group by 212.2% during the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the period. Parallel Advisors LLC increased its stake in MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Acumen Wealth Advisors LLC acquired a new stake in MYR Group during the 4th quarter worth approximately $35,000. Signaturefd LLC raised its holdings in MYR Group by 65.7% during the 4th quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock worth $36,000 after buying an additional 65 shares during the period. Finally, Hantz Financial Services Inc. lifted its stake in MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock valued at $48,000 after buying an additional 160 shares in the last quarter. 88.90% of the stock is currently 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.