MYR Group (NASDAQ:MYRG) Reaches New 12-Month Low - Time to Sell?

Shares of MYR Group Inc. (NASDAQ:MYRG - Get Free Report) reached a new 52-week low on Wednesday . The stock traded as low as $117.18 and last traded at $122.32, with a volume of 240582 shares traded. The stock had previously closed at $125.63.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of recent analyst reports. Robert W. Baird lifted their target price on MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. KeyCorp lifted their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an "overweight" rating in a research report on Friday. The Goldman Sachs Group reduced their target price on shares of MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. StockNews.com upgraded shares of MYR Group from a "hold" rating to a "buy" rating in a research note on Monday. Finally, Piper Sandler upped their price objective on MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a research note on Monday. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $149.40.

MYR Group Trading Up 0.9 %

The company has a market cap of $2.40 billion, a P/E ratio of 67.31 and a beta of 1.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm's 50-day moving average price is $118.84 and its 200-day moving average price is $135.77.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same quarter in the previous year, the firm posted $1.12 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of MYR Group in the first quarter valued at approximately $1,922,000. Teachers Retirement System of The State of Kentucky boosted its holdings in MYR Group by 19.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 16,319 shares of the utilities provider's stock valued at $1,846,000 after purchasing an additional 2,632 shares during the period. TimesSquare Capital Management LLC grew its position in shares of MYR Group by 40.3% during the 1st quarter. TimesSquare Capital Management LLC now owns 168,257 shares of the utilities provider's stock valued at $19,028,000 after purchasing an additional 48,324 shares in the last quarter. CWM LLC increased its holdings in shares of MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after purchasing an additional 826 shares during the period. Finally, DekaBank Deutsche Girozentrale raised its position in shares of MYR Group by 43.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 1,622 shares of the utilities provider's stock worth $186,000 after buying an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

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.