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

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) was the target of a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 840,400 shares, a growth of 27.9% from the September 30th total of 657,100 shares. Approximately 5.2% of the company's shares are short sold. Based on an average daily volume of 253,400 shares, the short-interest ratio is presently 3.3 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MYRG. US Bancorp DE boosted its position in shares of MYR Group by 2,187.8% during the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider's stock valued at $554,000 after buying an additional 5,185 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of MYR Group in the third quarter valued at approximately $116,000. Assenagon Asset Management S.A. boosted its holdings in shares of MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. Jade Capital Advisors LLC purchased a new stake in shares of MYR Group in the third quarter valued at approximately $2,045,000. Finally, Allspring Global Investments Holdings LLC raised its stake in MYR Group by 2.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 30,645 shares of the utilities provider's stock worth $3,133,000 after buying an additional 728 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analysts Set New Price Targets

MYRG has been the subject of several research reports. Robert W. Baird decreased their target price on MYR Group from $170.00 to $143.00 and set an "outperform" rating for the company in a research report on Thursday, August 1st. The Goldman Sachs Group cut their target price on MYR Group from $182.00 to $124.00 and set a "buy" rating on the stock in a research note on Thursday, September 19th. StockNews.com downgraded MYR Group from a "hold" rating to a "sell" rating in a research note on Wednesday, September 18th. Finally, Stifel Nicolaus dropped their price target on MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a research note on Monday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, MYR Group presently has a consensus rating of "Hold" and an average target price of $137.75.

MYR Group Price Performance

NASDAQ:MYRG traded up $2.40 on Monday, reaching $116.76. 171,143 shares of the company's stock traded hands, compared to its average volume of 205,388. MYR Group has a 12 month low of $86.60 and a 12 month high of $181.02. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.06. The stock has a 50-day simple moving average of $104.88 and a 200-day simple moving average of $129.82. The firm has a market cap of $1.93 billion, a PE ratio of 39.99 and a beta of 0.93.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($1.98). The firm had revenue of $828.89 million during the quarter, compared to the consensus estimate of $876.07 million. MYR Group had a return on equity of 7.65% and a net margin of 1.37%. The company's revenue for the quarter was down 6.7% compared to the same quarter last year. During the same period last year, the firm posted $1.33 earnings per share. Equities research analysts forecast that MYR Group will post 0.88 earnings per share for the current 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.