MYR Group, Inc. (NASDAQ:MYRG) Short Interest Up 18.9% in March

MYR Group, Inc. (NASDAQ:MYRG) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 710,382 shares, an increase of 18.9% from the February 26th total of 597,660 shares. Based on an average daily volume of 314,081 shares, the short-interest ratio is presently 2.3 days. Approximately 4.7% of the company’s stock are short sold.

Analyst Upgrades and Downgrades

Several research firms have recently commented on MYRG. The Goldman Sachs Group increased their target price on MYR Group from $248.00 to $296.00 and gave the company a “neutral” rating in a research note on Tuesday, March 3rd. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Cantor Fitzgerald increased their price objective on shares of MYR Group from $285.00 to $311.00 and gave the company an “overweight” rating in a research note on Monday, March 2nd. Wall Street Zen raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. Finally, Stifel Nicolaus boosted their target price on shares of MYR Group from $262.00 to $305.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $235.43.

MYR Group Stock Up 2.5%

MYR Group stock opened at $289.31 on Thursday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.33 and a current ratio of 1.33. MYR Group has a one year low of $97.72 and a one year high of $296.94. The company has a 50-day simple moving average of $267.07 and a 200-day simple moving average of $234.48. The firm has a market capitalization of $4.50 billion, a P/E ratio of 38.42 and a beta of 1.06.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $2.33 earnings per share for the quarter, beating the consensus estimate of $1.73 by $0.60. The firm had revenue of $973.54 million for the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a return on equity of 19.66% and a net margin of 3.24%.The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.99 EPS. As a group, equities analysts expect that MYR Group will post 1.16 earnings per share for the current year.

Institutional Investors Weigh In On MYR Group

Large investors have recently made changes to their positions in the company. MAI Capital Management raised its stake in MYR Group by 44.8% during the 2nd quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock valued at $33,000 after purchasing an additional 56 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of MYR Group by 212.2% during the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock valued at $33,000 after buying an additional 104 shares during the last quarter. Elevation Point Wealth Partners LLC bought a new stake in MYR Group in the second quarter worth approximately $34,000. Salomon & Ludwin LLC bought a new stake in MYR Group in the third quarter worth $34,000. Finally, Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group during the 4th quarter worth about $35,000. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Company Profile

MYR Group Inc (NASDAQ: MYRG) is a specialty electrical contractor that provides a broad array of construction, maintenance and emergency restoration services to utility, commercial, industrial and renewable energy customers. The company was formed in 1995 through the consolidation of several regional specialty contractors and has since expanded its capabilities to support complex transmission and distribution projects, substation installations, communication and wireless infrastructure, as well as renewable power interconnections.

Through a network of operating subsidiaries, MYR Group delivers turnkey solutions that include overhead and underground line construction, substation and switchgear installation, substation maintenance and testing, and storm restoration services.