Short Interest in MYR Group Inc. (NASDAQ:MYRG) Increases By 27.9%

MYR Group Inc. (NASDAQ:MYRG) was the target of a significant increase in short interest in October. As of October 15th, there was short interest totalling 840,400 shares, an increase of 27.9% from the September 30th total of 657,100 shares. Based on an average trading volume of 253,400 shares, the days-to-cover ratio is currently 3.3 days. Currently, 5.2% of the company’s stock are short sold.

Wall Street Analyst Weigh In

MYRG has been the subject of several recent research reports. StockNews.com downgraded MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Stifel Nicolaus decreased their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research note on Monday, August 5th. The Goldman Sachs Group dropped their price objective on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research note on Thursday, September 19th. Finally, Robert W. Baird decreased their target price on shares of MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $137.75.

MYR Group Stock Performance

Shares of NASDAQ:MYRG traded down $1.13 during mid-day trading on Wednesday, reaching $115.33. The company had a trading volume of 288,155 shares, compared to its average volume of 172,196. The company’s 50-day moving average price is $105.57 and its 200-day moving average price is $128.97. MYR Group has a one year low of $86.60 and a one year high of $181.02. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 39.50 and a beta of 0.93. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The firm had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. During the same period in the prior year, the company earned $1.33 EPS. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. As a group, equities research analysts anticipate that MYR Group will post 0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On MYR Group

Large investors have recently modified their holdings of the business. Capital World Investors boosted its holdings in MYR Group by 578.4% in the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider’s stock worth $172,287,000 after buying an additional 831,066 shares during the period. Swedbank AB purchased a new position in shares of MYR Group in the first quarter valued at $51,452,000. Assenagon Asset Management S.A. raised its stake in shares of MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. F M Investments LLC purchased a new stake in MYR Group during the 2nd quarter worth about $10,800,000. Finally, Millennium Management LLC lifted its holdings in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider’s stock worth $23,251,000 after purchasing an additional 69,886 shares in the last quarter. Hedge funds and other 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.