MYR Group (NASDAQ:MYRG) Stock Price Down 7.3% – What’s Next?

MYR Group, Inc. (NASDAQ:MYRG)’s share price fell 7.3% during mid-day trading on Wednesday . The company traded as low as $468.00 and last traded at $464.0570. 28,396 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 276,219 shares. The stock had previously closed at $500.40.

Analyst Ratings Changes

A number of brokerages recently weighed in on MYRG. Cantor Fitzgerald boosted their price objective on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Robert W. Baird set a $373.00 target price on shares of MYR Group in a report on Thursday, April 30th. Stifel Nicolaus set a $503.00 target price on MYR Group in a research note on Monday, May 4th. Oppenheimer reaffirmed a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, MYR Group currently has an average rating of “Moderate Buy” and an average target price of $358.17.

MYR Group Stock Down 6.5%

The firm’s 50-day moving average price is $440.30 and its 200 day moving average price is $324.91. The firm has a market cap of $6.74 billion, a P/E ratio of 47.74 and a beta of 1.31. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.90. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. MYR Group’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period last year, the firm posted $1.45 EPS. As a group, research analysts expect that MYR Group, Inc. will post 11.43 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the completion of the transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the sale, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP increased its position in shares of MYR Group by 63.5% during the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after purchasing an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of MYR Group in the 4th quarter worth $47,012,000. Invesco Ltd. lifted its holdings in shares of MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock valued at $51,058,000 after buying an additional 91,923 shares during the period. Squarepoint Ops LLC lifted its holdings in shares of MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock valued at $25,262,000 after buying an additional 89,044 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new position in MYR Group during the second quarter valued at about $13,609,000. Institutional investors own 88.90% of the company’s stock.

About MYR Group

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.