MYR Group Inc. (NASDAQ:MYRG) Short Interest Update

MYR Group Inc. (NASDAQ:MYRG) was the recipient of a significant decline in short interest in 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. Approximately 4.7% of the company’s stock are sold short. Based on an average daily trading volume, of 229,700 shares, the days-to-cover ratio is currently 3.2 days.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, November 4th. Stifel Nicolaus cut their price target on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Finally, Robert W. Baird increased their price objective on MYR Group from $131.00 to $138.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $143.75.

Hedge Funds Weigh In On MYR Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new position in shares of MYR Group in the 3rd quarter valued at about $116,000. Millburn Ridgefield Corp bought a new position in MYR Group during the third quarter worth about $130,000. RiverPark Advisors LLC grew its holdings in MYR Group by 21.9% during the second quarter. RiverPark Advisors LLC now owns 1,089 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 196 shares during the period. Quest Partners LLC acquired a new position in MYR Group during the third quarter worth approximately $223,000. Finally, FMR LLC raised its stake in MYR Group by 90.2% in the third quarter. FMR LLC now owns 2,336 shares of the utilities provider’s stock valued at $239,000 after buying an additional 1,108 shares during the period. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Up 0.1 %

MYR Group stock opened at $157.90 on Monday. The company has a market cap of $2.55 billion, a price-to-earnings ratio of 68.95 and a beta of 0.89. The firm has a 50-day moving average of $127.61 and a 200-day moving average of $127.07. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. MYR Group has a one year low of $86.60 and a one year high of $181.02.

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