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

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

MYRG has been the subject of several other research reports. Stifel Nicolaus decreased their price target on MYR Group from $172.00 to $119.00 and set a buy rating for the company in a report on Monday, August 5th. Robert W. Baird cut their price objective on shares of MYR Group from $170.00 to $143.00 and set an outperform rating on the stock in a report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, MYR Group presently has a consensus rating of Hold and an average target price of $137.75.

MYR Group Stock Down 0.8 %

Shares of NASDAQ MYRG opened at $101.66 on Wednesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 1.36 and a quick ratio of 1.36. The company has a 50-day moving average price of $110.70 and a 200-day moving average price of $139.79. The stock has a market capitalization of $1.70 billion, a P/E ratio of 19.70 and a beta of 0.93. MYR Group has a 1 year low of $86.60 and a 1 year high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results 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 company had revenue of $828.89 million for the quarter, compared to analyst estimates of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. MYR Group’s revenue for the quarter was down 6.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.33 EPS. On average, equities research analysts forecast that MYR Group will post 0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in MYR Group by 0.4% during the fourth 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 during the last quarter. Janney Montgomery Scott LLC grew its position in shares of MYR Group by 8.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 21,842 shares of the utilities provider’s stock valued at $3,159,000 after acquiring an additional 1,787 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of MYR Group during the 4th quarter worth approximately $338,000. Trexquant Investment LP bought a new stake in shares of MYR Group in the 4th quarter worth approximately $1,017,000. Finally, Quest Partners LLC purchased a new position in MYR Group in the fourth quarter valued at approximately $60,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

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.