MYR Group (NASDAQ:MYRG) Downgraded by StockNews.com

StockNews.com cut shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a research note published on Wednesday.

Other equities analysts also recently issued reports about the company. Stifel Nicolaus lowered their price objective on MYR Group from $172.00 to $119.00 and set a buy rating for the company in a research report on Monday, August 5th. Robert W. Baird decreased their target price on shares of MYR Group from $170.00 to $143.00 and set an outperform rating for the company in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $137.75.

MYR Group Trading Down 0.8 %

MYRG opened at $101.66 on Wednesday. The company’s 50 day moving average price is $110.70 and its two-hundred day moving average price is $139.79. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of 19.70 and a beta of 0.93. MYR Group has a fifty-two week low of $86.60 and a fifty-two week high of $181.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36.

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

Institutional Investors Weigh In On MYR Group

Several large investors have recently added to or reduced their stakes in the business. Healthcare of Ontario Pension Plan Trust Fund bought a new position in MYR Group during the second quarter worth $1,086,000. Algert Global LLC raised its holdings 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 valued at $3,068,000 after purchasing an additional 5,196 shares during the period. Driehaus Capital Management LLC boosted its position in shares of MYR Group by 16.4% during 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 in the last quarter. Susquehanna Fundamental Investments LLC grew its stake in shares of MYR Group by 20.4% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 3,530 shares of the utilities provider’s stock valued at $479,000 after buying an additional 597 shares during the period. Finally, Scientech Research LLC bought a new stake in MYR Group in the 2nd quarter valued at about $403,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

About MYR Group

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.