StockNews.com Downgrades MYR Group (NASDAQ:MYRG) to Sell

StockNews.com lowered shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a research note issued to investors on Monday morning.

Other research analysts have also issued research reports about the company. Robert W. Baird decreased their target price on MYR Group from $170.00 to $143.00 and set an outperform rating for the company in a research report on Thursday, August 1st. Stifel Nicolaus decreased their price objective on shares of MYR Group from $172.00 to $119.00 and set a buy rating for the company in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and an average price target of $147.75.

MYR Group Price Performance

MYRG stock opened at $91.49 on Monday. MYR Group has a 52-week low of $91.43 and a 52-week high of $181.02. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.53 billion, a PE ratio of 17.73 and a beta of 0.99. The stock’s 50 day moving average is $120.45 and its two-hundred day moving average is $145.40.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The company had revenue of $828.89 million for the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company’s revenue was down 6.7% compared to the same quarter last year. During the same quarter last year, the company earned $1.33 earnings per share. Analysts predict that MYR Group will post 3.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

A number of hedge funds have recently added to or reduced their stakes in MYRG. Algert Global LLC grew its position in shares of MYR Group by 29.8% during the second quarter. Algert Global LLC now owns 22,610 shares of the utilities provider’s stock worth $3,068,000 after acquiring an additional 5,196 shares during the last quarter. Driehaus Capital Management LLC grew its position in MYR Group by 16.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider’s stock worth $19,208,000 after purchasing an additional 19,904 shares during the last quarter. Susquehanna Fundamental Investments LLC increased its stake in shares of MYR Group by 20.4% in the second quarter. Susquehanna Fundamental Investments LLC now owns 3,530 shares of the utilities provider’s stock valued at $479,000 after purchasing an additional 597 shares during the period. Scientech Research LLC acquired a new stake in shares of MYR Group in the second quarter valued at approximately $403,000. Finally, Select Equity Group L.P. raised its holdings in shares of MYR Group by 12.3% during the second quarter. Select Equity Group L.P. now owns 11,864 shares of the utilities provider’s stock valued at $1,610,000 after buying an additional 1,299 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors.

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.