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

MYR Group Inc. (NASDAQ:MYRG) saw a large drop in short interest in the month of 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 currently 3.2 days. Currently, 4.7% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale acquired a new stake in shares of MYR Group in the 3rd quarter valued at $116,000. Millburn Ridgefield Corp bought a new stake in shares of MYR Group during the 3rd quarter worth $130,000. RiverPark Advisors LLC boosted its stake in MYR Group by 21.9% in the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock valued at $148,000 after buying an additional 196 shares in the last quarter. Quest Partners LLC bought a new position in MYR Group in the third quarter valued at about $223,000. Finally, FMR LLC raised its stake in MYR Group by 90.2% during the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock worth $239,000 after acquiring an additional 1,108 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ MYRG traded up $0.13 during trading on Friday, reaching $157.90. The company’s stock had a trading volume of 70,435 shares, compared to its average volume of 181,355. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The firm 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 capitalization of $2.55 billion, a price-to-earnings ratio of 68.95 and a beta of 0.89. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. 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 report on Monday, November 4th. Stifel Nicolaus decreased their price target on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a research note on Monday, August 5th. StockNews.com upgraded shares of MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Robert W. Baird upped their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.