MYR Group (NASDAQ:MYRG) Shares Gap Down on Analyst Downgrade

Shares of MYR Group Inc. (NASDAQ:MYRG) gapped down prior to trading on Thursday after Robert W. Baird lowered their price target on the stock from $185.00 to $180.00. The stock had previously closed at $164.82, but opened at $149.79. Robert W. Baird currently has an outperform rating on the stock. MYR Group shares last traded at $154.52, with a volume of 95,086 shares changing hands.

MYRG has been the subject of a number of other research reports. Stifel Nicolaus dropped their price target on MYR Group from $185.00 to $184.00 and set a “buy” rating for the company in a research report on Tuesday, April 16th. KeyCorp began coverage on MYR Group in a research report on Wednesday, January 10th. They issued a “sector weight” rating for the company. Finally, Sidoti cut MYR Group from a “buy” rating to a “neutral” rating and set a $165.00 price target for the company. in a research report on Monday, February 26th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, MYR Group has a consensus rating of “Moderate Buy” and a consensus price target of $173.25.

Institutional Trading of MYR Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. purchased a new stake in MYR Group in the 4th quarter valued at about $29,000. Fidelis Capital Partners LLC purchased a new stake in MYR Group in the 1st quarter valued at about $48,000. Quest Partners LLC purchased a new stake in MYR Group in the 4th quarter valued at about $60,000. GAMMA Investing LLC purchased a new stake in MYR Group in the 4th quarter valued at about $62,000. Finally, Planned Solutions Inc. purchased a new stake in MYR Group in the 4th quarter valued at about $130,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Down 8.2 %

The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.37 and a current ratio of 1.37. The company has a market cap of $2.53 billion, a PE ratio of 28.04 and a beta of 1.10. The firm has a fifty day simple moving average of $166.06 and a 200 day simple moving average of $146.51.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, February 28th. The utilities provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.02. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $904.76 million. MYR Group had a return on equity of 14.80% and a net margin of 2.50%. The company’s revenue was up 16.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. Equities research analysts predict that MYR Group Inc. will post 6.64 EPS for the current year.

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.