MYR Group (NASDAQ:MYRG) Sees Large Volume Increase - Here's What Happened

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 210,596 shares traded hands during mid-day trading, an increase of 39% from the previous session's volume of 151,207 shares.The stock last traded at $145.34 and had previously closed at $149.21.

Analyst Upgrades and Downgrades

MYRG has been the topic of a number of research reports. The Goldman Sachs Group increased their price objective on shares of MYR Group from $124.00 to $153.00 and gave the stock a "buy" rating in a research note on Monday, November 4th. Stifel Nicolaus lifted their price objective on MYR Group from $153.00 to $172.00 and gave the company a "buy" rating in a research note on Wednesday, December 11th. StockNews.com upgraded MYR Group from a "sell" rating to a "hold" rating in a research note on Monday, November 4th. Finally, Robert W. Baird lifted their price target on MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $157.00.

MYR Group Stock Down 3.7 %

The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 62.72 and a beta of 0.96. The business's 50 day moving average is $151.21 and its 200-day moving average is $128.09. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The firm had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the prior year, the firm earned $1.28 EPS. The company's revenue for the quarter was down 5.5% on a year-over-year basis. On average, sell-side analysts predict that MYR Group Inc. will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

Several large investors have recently made changes to their positions in MYRG. Principal Financial Group Inc. boosted its holdings in shares of MYR Group by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock worth $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Swedbank AB boosted its stake in MYR Group by 6.0% during the third quarter. Swedbank AB now owns 267,000 shares of the utilities provider's stock worth $27,295,000 after buying an additional 15,000 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in MYR Group in the 3rd quarter valued at $24,145,000. Charles Schwab Investment Management Inc. increased its stake in shares of MYR Group by 8.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 233,055 shares of the utilities provider's stock worth $23,825,000 after acquiring an additional 17,580 shares during the last quarter. Finally, TimesSquare Capital Management LLC raised its holdings in shares of MYR Group by 178.5% during the 3rd quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider's stock worth $21,794,000 after acquiring an additional 136,643 shares during the period. 88.90% of the stock is currently 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.