MYR Group (NASDAQ:MYRG) Downgraded to “Sell” at StockNews.com

StockNews.com lowered shares of MYR Group (NASDAQ:MYRG) from a hold rating to a sell rating in a research note released on Wednesday morning.

MYRG has been the subject of a number of other reports. Robert W. Baird cut their price objective on MYR Group from $170.00 to $143.00 and set an outperform rating for the company in a report on Thursday, August 1st. Stifel Nicolaus reduced their price target on shares of MYR Group from $172.00 to $119.00 and set a buy rating on the stock in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $147.75.

MYR Group Price Performance

Shares of MYR Group stock opened at $97.88 on Wednesday. The firm has a market cap of $1.64 billion, a P/E ratio of 18.97 and a beta of 0.93. The firm’s 50-day simple moving average is $113.16 and its 200-day simple moving average is $140.96. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing the consensus estimate of $1.07 by ($1.98). The company had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The company’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.33 earnings per share. As a group, research analysts expect that MYR Group will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in MYR Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock valued at $182,368,000 after acquiring an additional 5,055 shares in the last quarter. Capital World Investors increased its holdings in shares of MYR Group by 578.4% in the first quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock valued at $172,287,000 after purchasing an additional 831,066 shares in the last quarter. Swedbank AB bought a new position in MYR Group in the 1st quarter worth approximately $51,452,000. Charles Schwab Investment Management Inc. lifted its holdings in MYR Group by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock worth $31,430,000 after buying an additional 890 shares in the last quarter. Finally, Millennium Management LLC lifted its holdings in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after buying an additional 69,886 shares in the last quarter. 88.90% of the stock is 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.