MYR Group (NASDAQ:MYRG) Stock Price Down 5.1% - Here's Why

Shares of MYR Group Inc. (NASDAQ:MYRG - Get Free Report) traded down 5.1% during mid-day trading on Wednesday . The stock traded as low as $123.02 and last traded at $122.40. 29,853 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 199,242 shares. The stock had previously closed at $128.97.

Analyst Ratings Changes

MYRG has been the subject of a number of research analyst reports. KeyCorp raised MYR Group from a "sector weight" rating to an "overweight" rating and set a $136.00 target price for the company in a report on Friday, March 14th. Robert W. Baird dropped their price objective on MYR Group from $201.00 to $159.00 and set an "outperform" rating on the stock in a research report on Thursday, February 27th. Finally, Stifel Nicolaus boosted their target price on MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, MYR Group currently has an average rating of "Moderate Buy" and an average target price of $155.00.

MYR Group Price Performance

The stock has a market capitalization of $1.88 billion, a P/E ratio of 50.79 and a beta of 0.93. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.35 and a current ratio of 1.35. The firm has a fifty day moving average price of $130.85 and a two-hundred day moving average price of $133.55.

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Institutional Trading of MYR Group

Large investors have recently added to or reduced their stakes in the business. ANTIPODES PARTNERS Ltd raised its position in MYR Group by 13.2% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock worth $92,000 after acquiring an additional 72 shares during the period. Captrust Financial Advisors raised its holdings in MYR Group by 0.9% in the 4th quarter. Captrust Financial Advisors now owns 8,519 shares of the utilities provider's stock worth $1,267,000 after purchasing an additional 75 shares during the period. Tidal Investments LLC lifted its position in MYR Group by 2.0% during the third quarter. Tidal Investments LLC now owns 4,286 shares of the utilities provider's stock valued at $438,000 after purchasing an additional 83 shares in the last quarter. GAMMA Investing LLC grew its holdings in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after purchasing an additional 118 shares during the period. Finally, MCF Advisors LLC increased its position in MYR Group by 470.0% in the fourth quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock worth $25,000 after buying an additional 141 shares in the last quarter. 88.90% of the stock is currently 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.