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

MYR Group Inc. (NASDAQ:MYRG) saw a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 740,900 shares, a decline 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 currently 3.2 days. Currently, 4.7% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several analysts have recently commented on MYRG shares. StockNews.com raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Monday, November 4th. Stifel Nicolaus lowered their target price on 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 upped their price target on MYR Group from $124.00 to $153.00 and gave the company a “buy” rating in a research note on Monday, November 4th. Finally, Robert W. Baird lifted their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.75.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its holdings in MYR Group by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,121 shares of the utilities provider’s stock worth $1,789,000 after purchasing an additional 588 shares during the period. Moody National Bank Trust Division acquired a new stake in MYR Group during the 2nd quarter worth $240,000. Linden Thomas Advisory Services LLC lifted its holdings in MYR Group by 1.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 11,252 shares of the utilities provider’s stock worth $1,527,000 after acquiring an additional 193 shares in the last quarter. Chatham Capital Group Inc. acquired a new position in MYR Group in the second quarter valued at about $1,032,000. Finally, Assenagon Asset Management S.A. acquired a new position in MYR Group in the second quarter valued at about $5,163,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

Shares of MYR Group stock opened at $157.90 on Monday. The firm has a fifty day moving average of $127.61 and a two-hundred day moving average of $127.07. 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 stock has a market capitalization of $2.55 billion, a price-to-earnings ratio of 68.95 and a beta of 0.89. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The business had revenue of $888.00 million during the quarter, compared to the consensus estimate of $917.18 million. During the same quarter in the prior year, the company posted $1.28 earnings per share. The firm’s revenue was down 5.5% on a year-over-year basis. As a group, equities research analysts predict that MYR Group will post 1.16 EPS for the current 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.