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

MYR Group, Inc. (NASDAQ:MYRG) was the target of a large 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. Approximately 4.7% of the shares of the company are sold short. Based on an average daily trading volume, of 314,081 shares, the short-interest ratio is currently 2.3 days.

MYR Group Price Performance

MYRG traded up $11.87 during midday trading on Wednesday, reaching $294.19. 96,553 shares of the company’s stock were exchanged, compared to its average volume of 253,006. MYR Group has a 1-year low of $97.72 and a 1-year high of $294.87. The stock has a market capitalization of $4.57 billion, a PE ratio of 39.06 and a beta of 1.15. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.33 and a quick ratio of 1.33. The business’s 50-day moving average price is $266.42 and its 200 day moving average price is $234.10.

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 during the quarter, compared to the consensus estimate of $897.73 million. MYR Group had a net margin of 3.24% and a return on equity of 19.66%. 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 company posted $0.99 EPS. As a group, equities analysts anticipate that MYR Group will post 1.16 EPS for the current fiscal year.

Institutional Trading of MYR Group

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC lifted its position in MYR Group by 12.7% during the third quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after buying an additional 47 shares in the last quarter. Bank of Montreal Can increased its position in shares of MYR Group by 0.8% in the fourth quarter. Bank of Montreal Can now owns 6,038 shares of the utilities provider’s stock worth $1,319,000 after acquiring an additional 50 shares in the last quarter. MAI Capital Management increased its position in shares of MYR Group by 44.8% in the second quarter. MAI Capital Management now owns 181 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 56 shares in the last quarter. Inspire Investing LLC raised its stake in shares of MYR Group by 2.6% in the 3rd quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock valued at $457,000 after acquiring an additional 56 shares during the period. Finally, Captrust Financial Advisors lifted its holdings in shares of MYR Group by 0.7% during the 4th quarter. Captrust Financial Advisors now owns 8,556 shares of the utilities provider’s stock valued at $1,869,000 after acquiring an additional 61 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analyst Ratings Changes

MYRG has been the topic of a number of analyst reports. Weiss Ratings upgraded MYR Group from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 22nd. Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a research report on Sunday, December 21st. Clear Str raised MYR Group to a “strong-buy” rating in a report on Monday, December 15th. 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. Finally, Cantor Fitzgerald upped their price target on shares of MYR Group from $285.00 to $311.00 and gave the stock an “overweight” rating in a research note on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.43.

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.