MYR Group (NASDAQ:MYRG) Trading Down 5.3% After Analyst Downgrade

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) shares fell 5.3% during trading on Friday after Robert W. Baird lowered their price target on the stock from $185.00 to $180.00. Robert W. Baird currently has an outperform rating on the stock. MYR Group traded as low as $143.21 and last traded at $143.88. 150,647 shares changed hands during trading, an increase of 11% from the average session volume of 136,256 shares. The stock had previously closed at $151.99.

A number of other equities research analysts also recently commented on MYRG. Sidoti downgraded shares of MYR Group from a "buy" rating to a "neutral" rating and set a $165.00 price objective on the stock. in a research report on Monday, February 26th. KeyCorp assumed coverage on MYR Group in a research note on Wednesday, January 10th. They issued a "sector weight" rating on the stock. Finally, Stifel Nicolaus dropped their price objective on MYR Group from $185.00 to $184.00 and set a "buy" rating on the stock in a report on Tuesday, April 16th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $173.25.

Institutional Investors Weigh In On MYR Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. RiverPark Advisors LLC raised its stake in shares of MYR Group by 360.3% during the first quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider's stock worth $158,000 after purchasing an additional 699 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in shares of MYR Group in the 1st quarter worth $48,000. Moloney Securities Asset Management LLC boosted its holdings in shares of MYR Group by 0.9% in the first quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider's stock valued at $1,441,000 after acquiring an additional 75 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in MYR Group by 0.6% during the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider's stock worth $3,884,000 after purchasing an additional 131 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in MYR Group by 22.3% in the 1st quarter. BNP Paribas Financial Markets now owns 15,723 shares of the utilities provider's stock valued at $2,779,000 after purchasing an additional 2,871 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Price Performance

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 $2.41 billion, a price-to-earnings ratio of 27.89 and a beta of 1.10. The company has a 50-day simple moving average of $165.89 and a 200-day simple moving average of $146.55.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.02 by $0.10. MYR Group had a net margin of 2.38% and a return on equity of 13.84%. The company had revenue of $815.56 million for the quarter, compared to analyst estimates of $854.13 million. During the same period in the previous year, the firm earned $1.38 EPS. The business's revenue was up .5% on a year-over-year basis. As a group, research analysts predict that MYR Group Inc. will post 6.64 earnings per share 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.