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

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MYRG shares. The Goldman Sachs Group lifted their price target on MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Clear Str raised MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Stifel Nicolaus upped their price target on shares of MYR Group from $210.00 to $226.00 and gave the company 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. Finally, Zacks Research cut MYR Group from a “strong-buy” rating to a “hold” rating in a 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 issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $201.67.

MYR Group Stock Performance

The firm’s 50 day simple moving average is $223.71 and its 200-day simple moving average is $202.31. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 35.04 and a beta of 1.18. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.33 and a current ratio of 1.33.

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

Insider Activity

In related 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 directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. This trade represents a 33.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On MYR Group

A number of institutional investors have recently modified their holdings of MYRG. Smartleaf Asset Management LLC grew its stake in MYR Group by 12.7% in the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after purchasing an additional 47 shares in the last quarter. Bank of Montreal Can grew its stake in shares of MYR Group by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock valued at $742,000 after buying an additional 56 shares in the last quarter. MAI Capital Management increased its holdings in MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after buying an additional 56 shares during the last quarter. Inspire Investing LLC raised its position in MYR Group by 2.6% during the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after acquiring an additional 56 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC lifted its stake in MYR Group by 0.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock valued at $2,056,000 after acquiring an additional 75 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

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.