Short Interest in MYR Group, Inc. (NASDAQ:MYRG) Expands By 23.7%

MYR Group, Inc. (NASDAQ:MYRG) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totaling 733,672 shares, an increase of 23.7% from the November 30th total of 592,885 shares. Based on an average trading volume of 271,559 shares, the days-to-cover ratio is currently 2.7 days. Currently, 4.8% of the shares of the stock are sold short. Currently, 4.8% of the shares of the stock are sold short. Based on an average trading volume of 271,559 shares, the days-to-cover ratio is currently 2.7 days.

MYR Group Price Performance

NASDAQ:MYRG traded down $0.34 during trading hours on Wednesday, reaching $218.83. 112,797 shares of the company were exchanged, compared to its average volume of 222,473. MYR Group has a twelve month low of $97.72 and a twelve month high of $241.13. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $222.14 and its 200-day moving average is $199.99. The firm has a market cap of $3.40 billion, a PE ratio of 35.37 and a beta of 1.20.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, October 29th. The utilities provider reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.82 by $0.23. The company had revenue of $950.40 million for the quarter, compared to analysts’ expectations of $931.72 million. MYR Group had a return on equity of 16.65% and a net margin of 2.78%.MYR Group’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.65 EPS. On average, sell-side analysts anticipate that MYR Group will post 1.16 earnings per share for the current fiscal year.

Insider Activity at MYR Group

In other MYR Group news, COO Don A. Egan sold 2,900 shares of the stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $233.40, for a total transaction of $676,860.00. Following the completion of the transaction, the chief operating officer owned 5,797 shares of the company’s stock, valued at $1,353,019.80. This represents a 33.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On MYR Group

Institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its holdings in MYR Group by 12.7% in the 3rd quarter. Smartleaf Asset Management LLC now owns 418 shares of the utilities provider’s stock valued at $86,000 after purchasing an additional 47 shares during the last quarter. Bank of Montreal Can boosted its position in MYR Group by 1.4% in the 2nd quarter. Bank of Montreal Can now owns 4,087 shares of the utilities provider’s stock valued at $742,000 after buying an additional 56 shares during the period. MAI Capital Management grew 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 worth $33,000 after purchasing an additional 56 shares in the last quarter. Inspire Investing LLC grew its position in shares of MYR Group by 2.6% during the third quarter. Inspire Investing LLC now owns 2,198 shares of the utilities provider’s stock worth $457,000 after buying an additional 56 shares in the last quarter. Finally, Linden Thomas Advisory Services LLC grew its holdings in MYR Group by 0.7% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 11,332 shares of the utilities provider’s stock worth $2,056,000 after acquiring an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Stifel Nicolaus raised their price target on MYR Group from $210.00 to $226.00 and gave the stock a “buy” rating in a research report on Thursday, October 9th. Zacks Research upgraded shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 1st. Weiss Ratings reissued a “hold (c+)” rating on shares of MYR Group in a research report on Monday. Clear Str raised MYR Group to a “strong-buy” rating in a research report on Monday, December 15th. Finally, KeyCorp restated a “sector weight” rating on shares of MYR Group in a research note on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, MYR Group has an average rating of “Moderate Buy” and an average price target of $201.67.

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.