StockNews.com Lowers MYR Group (NASDAQ:MYRG) to Sell

MYR Group (NASDAQ:MYRG) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.

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

MYR Group Trading Up 4.7 %

Shares of MYR Group stock opened at $102.51 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 19.68 and a beta of 0.93. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The business has a 50-day moving average price of $112.39 and a 200-day moving average price of $140.66.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The firm 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 was down 6.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.33 EPS. Equities research analysts anticipate that MYR Group will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Large investors have recently made changes to their positions in the company. Algert Global LLC lifted its stake in MYR Group by 29.8% in the second quarter. Algert Global LLC now owns 22,610 shares of the utilities provider’s stock worth $3,068,000 after purchasing an additional 5,196 shares during the last quarter. Driehaus Capital Management LLC lifted its stake 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 acquiring an additional 19,904 shares during the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in MYR Group by 20.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 3,530 shares of the utilities provider’s stock valued at $479,000 after acquiring an additional 597 shares during the period. Scientech Research LLC bought a new position in MYR Group in the 2nd quarter valued at $403,000. Finally, Select Equity Group L.P. increased its stake in MYR Group by 12.3% in the second quarter. Select Equity Group L.P. now owns 11,864 shares of the utilities provider’s stock worth $1,610,000 after purchasing an additional 1,299 shares during the period. 88.90% of the stock is owned by hedge funds and other institutional investors.

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.