Short Interest in MYR Group Inc. (NASDAQ:MYRG) Drops By 18.3%

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

Analyst Upgrades and Downgrades

MYRG has been the subject of a number of recent research reports. Robert W. Baird lifted their price target on shares of MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Stifel Nicolaus cut their target price on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. The Goldman Sachs Group raised their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, November 4th. Finally, StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $143.75.

Institutional Trading of MYR Group

Large investors have recently made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its position in shares of MYR Group by 66.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock worth $1,959,000 after purchasing an additional 7,655 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in MYR Group during the 2nd quarter worth about $5,163,000. Fisher Asset Management LLC boosted its stake in shares of MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock worth $3,859,000 after buying an additional 3,759 shares during the last quarter. US Bancorp DE grew its holdings in shares of MYR Group by 2,187.8% in the 3rd quarter. US Bancorp DE now owns 5,422 shares of the utilities provider’s stock valued at $554,000 after acquiring an additional 5,185 shares in the last quarter. Finally, Creative Planning increased its position in shares of MYR Group by 193.0% in the third quarter. Creative Planning now owns 4,841 shares of the utilities provider’s stock valued at $495,000 after acquiring an additional 3,189 shares during the last quarter. Institutional investors own 88.90% of the company’s stock.

MYR Group Price Performance

Shares of NASDAQ MYRG traded up $0.13 during midday trading on Friday, reaching $157.90. 70,435 shares of the company traded hands, compared to its average volume of 181,355. The stock’s 50-day simple moving average is $127.61 and its 200-day simple moving average is $127.25. 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 has a 12 month low of $86.60 and a 12 month high of $181.02. The firm has a market cap of $2.55 billion, a PE ratio of 68.95 and a beta of 0.89.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share for the quarter, beating 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 analysts’ expectations of $917.18 million. During the same quarter last year, the company posted $1.28 EPS. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. As a group, equities analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

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.