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

MYR Group, Inc. (NASDAQ:MYRG) was the target of a large growth in short interest in December. As of December 15th, there was short interest totaling 733,672 shares, a growth of 23.7% from the November 30th total of 592,885 shares. Based on an average daily volume of 271,559 shares, the short-interest ratio is currently 2.7 days. Currently, 4.8% of the company’s stock are sold short. Currently, 4.8% of the company’s stock are sold short. Based on an average daily volume of 271,559 shares, the short-interest ratio is currently 2.7 days.

Insider Buying and Selling at MYR Group

In related news, COO Don A. Egan sold 2,900 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $233.40, for a total value of $676,860.00. Following the completion of the transaction, the chief operating officer directly owned 5,797 shares in the company, valued at approximately $1,353,019.80. The trade was a 33.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of MYR Group by 14.7% in the 3rd quarter. Vanguard Group Inc. now owns 1,225,288 shares of the utilities provider’s stock valued at $254,897,000 after buying an additional 157,157 shares during the last quarter. Wellington Management Group LLP raised its position in MYR Group by 69.2% during the third quarter. Wellington Management Group LLP now owns 624,791 shares of the utilities provider’s stock worth $129,975,000 after acquiring an additional 255,493 shares in the last quarter. Fisher Asset Management LLC lifted its stake in MYR Group by 0.9% in the third quarter. Fisher Asset Management LLC now owns 450,402 shares of the utilities provider’s stock valued at $93,697,000 after acquiring an additional 4,203 shares during the last quarter. Principal Financial Group Inc. lifted its stake in MYR Group by 1.2% in the third quarter. Principal Financial Group Inc. now owns 380,314 shares of the utilities provider’s stock valued at $79,117,000 after acquiring an additional 4,353 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of MYR Group by 97.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 350,478 shares of the utilities provider’s stock valued at $63,594,000 after acquiring an additional 172,962 shares during the period. Institutional investors and hedge funds own 88.90% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MYRG shares. KeyCorp reiterated a “sector weight” rating on shares of MYR Group in a report on Wednesday, October 1st. The Goldman Sachs Group boosted their price objective on shares of MYR Group from $205.00 to $248.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MYR Group in a research note on Monday. Clear Str upgraded MYR Group to a “strong-buy” rating in a report on Monday, December 15th. Finally, Wall Street Zen upgraded MYR Group from a “buy” rating to a “strong-buy” rating in a report on Sunday, December 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $201.67.

MYR Group Stock Down 0.3%

MYR Group stock opened at $218.50 on Friday. The company has a current ratio of 1.33, a quick ratio of 1.33 and a debt-to-equity ratio of 0.11. MYR Group has a 1-year low of $97.72 and a 1-year high of $241.13. The company has a fifty day simple moving average of $222.75 and a 200 day simple moving average of $200.25. The company has a market cap of $3.39 billion, a P/E ratio of 35.30 and a beta of 1.18.

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

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.