MYR Group (NASDAQ:MYRG) Shares Gap Down - Time to Sell?

Key Points

• MYR Group, Inc.'s share price gapped down from $208.03 to $202.70, closing at $200.33 with a trading volume of 83,628 shares, indicating potential market volatility.
• Analysts have issued mixed ratings, with a consensus price target of $191.83, reflecting an average "Hold" rating from seven analysts.
• Institutional investors are showing increased interest, as evidenced by major stakes lifted by firms like Osaic Holdings and Texas Permanent School Fund Corp during the second quarter.

MYR Group, Inc. (NASDAQ:MYRG - Get Free Report)'s share price gapped down prior to trading on Wednesday . The stock had previously closed at $208.03, but opened at $202.70. MYR Group shares last traded at $200.33, with a volume of 83,628 shares.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Stifel Nicolaus set a $210.00 price objective on shares of MYR Group in a report on Monday, August 4th. Jefferies Financial Group began coverage on MYR Group in a research note on Friday, August 15th. They issued a "hold" rating and a $202.00 price objective for the company. The Goldman Sachs Group raised their target price on MYR Group from $168.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Finally, KeyCorp reiterated a "sector weight" rating on shares of MYR Group in a report on Wednesday. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $191.83.

MYR Group Trading Down 2.5%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.33 and a current ratio of 1.33. The business has a fifty day simple moving average of $186.72 and a 200 day simple moving average of $162.73. The company has a market cap of $3.15 billion, a P/E ratio of 42.54 and a beta of 1.18.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its earnings results on Wednesday, July 30th. The utilities provider reported $1.70 EPS for the quarter, beating the consensus estimate of $1.56 by $0.14. The firm had revenue of $900.33 million for the quarter, compared to analysts' expectations of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The firm's revenue was up 8.6% compared to the same quarter last year. During the same period last year, the firm earned ($0.91) EPS. Analysts anticipate that MYR Group, Inc. will post 1.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On MYR Group

Several large investors have recently modified their holdings of MYRG. Texas Permanent School Fund Corp lifted its stake in shares of MYR Group by 34.3% in the 2nd quarter. Texas Permanent School Fund Corp now owns 17,546 shares of the utilities provider's stock valued at $3,184,000 after purchasing an additional 4,486 shares during the period. Osaic Holdings Inc. grew its holdings in shares of MYR Group by 200.5% in the 2nd quarter. Osaic Holdings Inc. now owns 1,755 shares of the utilities provider's stock valued at $316,000 after acquiring an additional 1,171 shares in the last quarter. Squarepoint Ops LLC lifted its stake in MYR Group by 81.9% in the 2nd quarter. Squarepoint Ops LLC now owns 32,390 shares of the utilities provider's stock valued at $5,877,000 after purchasing an additional 14,588 shares during the last quarter. Neuberger Berman Group LLC acquired a new stake in MYR Group during the second quarter worth approximately $257,000. Finally, Pitcairn Co. acquired a new stake in shares of MYR Group in the second quarter valued at approximately $510,000. 88.90% of the stock is currently owned by institutional investors.

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.

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