MYR Group Inc. (NASDAQ:MYRG) Sees Significant Decrease in Short Interest

MYR Group Inc. (NASDAQ:MYRG) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 740,900 shares, a decrease of 18.3% from the October 31st total of 907,300 shares. Currently, 4.7% of the company’s stock are short sold. Based on an average daily volume of 229,700 shares, the short-interest ratio is presently 3.2 days.

MYR Group Stock Up 0.1 %

MYRG opened at $157.90 on Friday. MYR Group has a twelve month low of $86.60 and a twelve month high of $181.02. 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 business has a 50 day moving average price of $127.61 and a 200 day moving average price of $127.25. The firm has a market cap of $2.55 billion, a P/E ratio of 68.95 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business had revenue of $888.00 million during the quarter, compared to analysts’ expectations of $917.18 million. During the same period in the previous year, the company earned $1.28 earnings per share. MYR Group’s revenue for the quarter was down 5.5% on a year-over-year basis. Research analysts forecast that MYR Group will post 1.16 EPS for the current year.

Institutional Investors Weigh In On MYR Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in MYR Group by 6.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,121 shares of the utilities provider’s stock valued at $1,789,000 after buying an additional 588 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of MYR Group during the second quarter valued at about $240,000. Linden Thomas Advisory Services LLC lifted its stake in shares of MYR Group by 1.7% in the second quarter. Linden Thomas Advisory Services LLC now owns 11,252 shares of the utilities provider’s stock valued at $1,527,000 after buying an additional 193 shares during the period. Chatham Capital Group Inc. acquired a new stake in MYR Group during the second quarter worth about $1,032,000. Finally, Assenagon Asset Management S.A. bought a new position in MYR Group during the second quarter valued at about $5,163,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MYRG shares. Robert W. Baird raised their price target on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. The Goldman Sachs Group increased their price target 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. Finally, Stifel Nicolaus reduced their price objective 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. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.75.

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.