Short Interest in MYR Group Inc. (NASDAQ:MYRG) Increases By 27.9%

MYR Group Inc. (NASDAQ:MYRG) was the recipient of a large increase in short interest in October. As of October 15th, there was short interest totalling 840,400 shares, an increase of 27.9% from the September 30th total of 657,100 shares. Approximately 5.2% of the shares of the stock are short sold. Based on an average trading volume of 253,400 shares, the short-interest ratio is presently 3.3 days.

Analyst Ratings Changes

Several brokerages have recently commented on MYRG. The Goldman Sachs Group cut their price objective on MYR Group from $182.00 to $124.00 and set a “buy” rating for the company in a report on Thursday, September 19th. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, September 18th. Stifel Nicolaus dropped their price objective on shares of MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a report on Monday, August 5th. Finally, Robert W. Baird lowered their price target on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $137.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Moloney Securities Asset Management LLC increased its holdings in MYR Group by 0.9% during the 1st quarter. Moloney Securities Asset Management LLC now owns 8,155 shares of the utilities provider’s stock valued at $1,441,000 after purchasing an additional 75 shares during the period. Louisiana State Employees Retirement System increased its position in shares of MYR Group by 1.2% during the second quarter. Louisiana State Employees Retirement System now owns 8,400 shares of the utilities provider’s stock valued at $1,140,000 after buying an additional 100 shares during the period. Janney Montgomery Scott LLC raised its stake in MYR Group by 0.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,973 shares of the utilities provider’s stock worth $3,884,000 after buying an additional 131 shares in the last quarter. Covestor Ltd lifted its holdings in MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock worth $122,000 after buying an additional 132 shares during the period. Finally, First National Bank of Hutchinson grew its holdings in shares of MYR Group by 2.6% during the 1st quarter. First National Bank of Hutchinson now owns 6,231 shares of the utilities provider’s stock worth $1,101,000 after acquiring an additional 160 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 1.0 %

Shares of MYRG traded down $1.13 during mid-day trading on Wednesday, reaching $115.33. The company’s stock had a trading volume of 288,155 shares, compared to its average volume of 172,196. MYR Group has a 52 week low of $86.60 and a 52 week high of $181.02. The stock has a market cap of $1.90 billion, a PE ratio of 39.50 and a beta of 0.93. The company’s fifty day moving average price is $105.57 and its two-hundred day moving average price is $128.97. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing the consensus estimate of $1.07 by ($1.98). MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company had revenue of $828.89 million during the quarter, compared to analysts’ expectations of $876.07 million. During the same quarter in the prior year, the firm posted $1.33 EPS. The firm’s quarterly revenue was down 6.7% on a year-over-year basis. On average, analysts predict that MYR Group will post 0.88 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.