MYR Group (NASDAQ:MYRG) Shares Down 5.1% – Here’s Why

MYR Group Inc. (NASDAQ:MYRG)’s stock price dropped 5.1% during trading on Wednesday . The company traded as low as $123.02 and last traded at $122.40. Approximately 29,853 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 199,242 shares. The stock had previously closed at $128.97.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus lifted their target price on shares of MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a research note on Wednesday, December 11th. Robert W. Baird cut their target price on MYR Group from $201.00 to $159.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Finally, KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 target price for the company in a report on Friday, March 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $155.00.

MYR Group Trading Down 0.3 %

The stock has a market capitalization of $1.86 billion, a P/E ratio of 50.35 and a beta of 0.93. The firm’s 50 day simple moving average is $131.47 and its two-hundred day simple moving average is $133.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its holdings in shares of MYR Group by 42.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider’s stock valued at $79,942,000 after acquiring an additional 159,302 shares in the last quarter. Millennium Management LLC grew its position in MYR Group by 38.4% in the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider’s stock valued at $68,706,000 after purchasing an additional 128,159 shares during the period. Principal Financial Group Inc. increased its stake in MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider’s stock valued at $44,113,000 after purchasing an additional 15,361 shares in the last quarter. Wellington Management Group LLP bought a new stake in MYR Group during the 4th quarter valued at $60,217,000. Finally, American Century Companies Inc. raised its holdings in MYR Group by 38.2% during the fourth quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider’s stock worth $49,368,000 after buying an additional 91,644 shares during the last quarter. 88.90% of the stock is owned by institutional investors and hedge funds.

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.