MYR Group (NASDAQ:MYRG) Stock Price Down 5.1% – Should You Sell?

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

Analyst Ratings Changes

Several analysts recently weighed in on MYRG shares. Stifel Nicolaus lifted their price target on MYR Group from $153.00 to $172.00 and gave the stock a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird dropped their price objective on MYR Group from $201.00 to $159.00 and set an “outperform” rating for the company in a research report on Thursday, February 27th. Finally, KeyCorp upgraded MYR Group from a “sector weight” rating to an “overweight” rating and set a $136.00 price target for the company in a research report on Friday, March 14th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $155.00.

MYR Group Stock Down 5.5 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market capitalization of $1.97 billion, a PE ratio of 53.24 and a beta of 0.93. The company has a 50 day moving average price of $132.62 and a 200-day moving average price of $133.27.

Institutional Trading of MYR Group

A number of hedge funds have recently modified their holdings of MYRG. Wellington Management Group LLP purchased a new position in shares of MYR Group during the fourth quarter valued at approximately $60,217,000. Mackenzie Financial Corp raised its stake in MYR Group by 121.4% during the 4th quarter. Mackenzie Financial Corp now owns 10,815 shares of the utilities provider’s stock valued at $1,609,000 after buying an additional 5,930 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of MYR Group by 4.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 96,180 shares of the utilities provider’s stock worth $14,309,000 after acquiring an additional 3,720 shares during the period. Wolverine Trading LLC bought a new stake in MYR Group during the fourth quarter valued at approximately $304,000. Finally, Squarepoint Ops LLC grew its position in MYR Group by 1.7% during the fourth quarter. Squarepoint Ops LLC now owns 34,315 shares of the utilities provider’s stock valued at $5,105,000 after buying an additional 563 shares during the period. Institutional investors own 88.90% of the company’s stock.

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.