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

MYR Group Inc. (NASDAQ:MYRG) was the recipient of a significant drop in short interest in the month of October. As of October 30th, there was short interest totalling 203,000 shares, a drop of 23.9% from the October 15th total of 266,900 shares. Based on an average daily volume of 85,700 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.3% of the shares of the company are short sold.

In other news, Director William A. Koertner sold 5,092 shares of the stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $38.81, for a total value of $197,620.52. Following the sale, the director now directly owns 252,936 shares of the company’s stock, valued at $9,816,446.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Tod M. Cooper sold 6,250 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $40.00, for a total transaction of $250,000.00. Following the completion of the sale, the chief operating officer now directly owns 31,014 shares in the company, valued at $1,240,560. The disclosure for this sale can be found here. Insiders have sold 17,948 shares of company stock valued at $735,708 in the last quarter. Company insiders own 4.00% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. Harbor Investment Advisory LLC raised its stake in shares of MYR Group by 107.5% during the third quarter. Harbor Investment Advisory LLC now owns 1,110 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 575 shares in the last quarter. Advisor Group Holdings Inc. purchased a new position in shares of MYR Group during the second quarter worth approximately $48,000. Pacer Advisors Inc. purchased a new position in shares of MYR Group during the second quarter worth approximately $93,000. BNP Paribas Arbitrage SA raised its stake in shares of MYR Group by 317.6% during the third quarter. BNP Paribas Arbitrage SA now owns 4,193 shares of the utilities provider’s stock worth $156,000 after acquiring an additional 3,189 shares in the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of MYR Group by 123.3% during the third quarter. Acadian Asset Management LLC now owns 5,143 shares of the utilities provider’s stock worth $191,000 after acquiring an additional 2,840 shares in the last quarter. 92.17% of the stock is currently owned by hedge funds and other institutional investors.

MYRG has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $49.00 price target on the stock in a report on Wednesday, October 21st. BidaskClub raised shares of MYR Group from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 16th. Finally, ValuEngine raised shares of MYR Group from a “sell” rating to a “hold” rating in a research note on Wednesday, October 14th. Three 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 company’s stock. The stock presently has an average rating of “Buy” and an average target price of $36.50.

MYRG traded down $0.86 on Friday, reaching $48.55. The company had a trading volume of 89,342 shares, compared to its average volume of 90,260. The business has a 50 day simple moving average of $44.11 and a 200 day simple moving average of $35.50. The company has a market cap of $812.10 million, a price-to-earnings ratio of 15.32 and a beta of 0.92. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.43 and a current ratio of 1.43. MYR Group has a 52-week low of $16.33 and a 52-week high of $50.16.

MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, October 28th. The utilities provider reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.24. MYR Group had a net margin of 2.41% and a return on equity of 13.89%. As a group, equities research analysts predict that MYR Group will post 3.08 EPS 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 company's 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.

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