Short Interest in MYR Group Inc (MYRG) Drops By 51.2%

MYR Group Inc (NASDAQ:MYRG) saw a large drop in short interest during the month of December. As of December 29th, there was short interest totalling 246,600 shares, a drop of 51.2% from the December 15th total of 505,546 shares. Based on an average trading volume of 78,038 shares, the short-interest ratio is currently 3.2 days. Currently, 1.6% of the shares of the company are sold short.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its position in MYR Group by 4.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,424 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 217 shares during the period. Royal Bank of Canada grew its position in MYR Group by 11.4% during the 2nd quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock worth $258,000 after purchasing an additional 852 shares during the period. Voya Investment Management LLC grew its position in MYR Group by 11.0% during the 2nd quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock worth $295,000 after purchasing an additional 941 shares during the period. TIAA CREF Investment Management LLC grew its position in MYR Group by 0.9% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 174,415 shares of the utilities provider’s stock worth $5,410,000 after purchasing an additional 1,537 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in MYR Group by 14.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock worth $413,000 after purchasing an additional 1,631 shares during the period. 87.16% of the stock is currently owned by institutional investors.

MYR Group (MYRG) opened at $35.77 on Friday. The stock has a market capitalization of $588.85, a price-to-earnings ratio of 38.05 and a beta of 0.47. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.84 and a quick ratio of 1.84. MYR Group has a 52 week low of $23.00 and a 52 week high of $43.77.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.48 by ($0.17). The firm had revenue of $373.50 million during the quarter, compared to analysts’ expectations of $350.80 million. MYR Group had a return on equity of 5.76% and a net margin of 1.12%. The business’s revenue was up 31.8% on a year-over-year basis. During the same quarter last year, the business earned $0.38 EPS. analysts forecast that MYR Group will post 0.79 earnings per share for the current fiscal year.

A number of brokerages recently issued reports on MYRG. B. Riley restated a “neutral” rating on shares of MYR Group in a research note on Wednesday, November 1st. BidaskClub lowered MYR Group from a “buy” rating to a “hold” rating in a research note on Wednesday. KeyCorp restated a “hold” rating on shares of MYR Group in a research note on Friday, November 24th. Robert W. Baird set a $41.00 target price on MYR Group and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Finally, Zacks Investment Research upgraded MYR Group from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Five analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. MYR Group has an average rating of “Buy” and a consensus target price of $34.83.

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About MYR Group

MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.

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