Short Interest in MYR Group Inc. (NASDAQ:MYRG) Declines By 12.8%

MYR Group Inc. (NASDAQ:MYRGGet Rating) was the target of a significant drop in short interest during the month of August. As of August 31st, there was short interest totalling 284,400 shares, a drop of 12.8% from the August 15th total of 326,000 shares. Currently, 1.8% of the company’s shares are sold short. Based on an average daily volume of 86,100 shares, the short-interest ratio is presently 3.3 days.

Insiders Place Their Bets

In other MYR Group news, COO Tod M. Cooper sold 267 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $100.03, for a total value of $26,708.01. Following the completion of the sale, the chief operating officer now owns 36,785 shares of the company’s stock, valued at $3,679,603.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other MYR Group news, COO Tod M. Cooper sold 267 shares of the firm’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $100.03, for a total value of $26,708.01. Following the completion of the sale, the chief operating officer now owns 36,785 shares of the company’s stock, valued at $3,679,603.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Tod M. Cooper sold 3,877 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $97.02, for a total transaction of $376,146.54. Following the transaction, the chief operating officer now directly owns 37,052 shares in the company, valued at $3,594,785.04. The disclosure for this sale can be found here. Insiders sold a total of 16,240 shares of company stock valued at $1,588,678 over the last 90 days. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On MYR Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Gotham Asset Management LLC acquired a new position in MYR Group during the fourth quarter valued at $214,000. Meeder Asset Management Inc. lifted its position in MYR Group by 15.8% during the first quarter. Meeder Asset Management Inc. now owns 2,022 shares of the utilities provider’s stock valued at $190,000 after purchasing an additional 276 shares during the period. GW Henssler & Associates Ltd. acquired a new position in MYR Group during the second quarter valued at $217,000. SG Americas Securities LLC acquired a new position in MYR Group during the second quarter valued at $218,000. Finally, Fifth Third Bancorp acquired a new position in MYR Group during the second quarter valued at $219,000. 87.57% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MYRG shares. Stifel Nicolaus lifted their price objective on shares of MYR Group from $101.00 to $110.00 in a report on Tuesday, August 2nd. StockNews.com raised shares of MYR Group from a “hold” rating to a “buy” rating in a report on Saturday, August 6th.

MYR Group Stock Performance

Shares of MYRG stock opened at $89.11 on Friday. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 18.15 and a beta of 1.09. The company’s 50 day moving average is $93.12 and its 200 day moving average is $90.81. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.11. MYR Group has a 52-week low of $74.77 and a 52-week high of $121.22.

MYR Group (NASDAQ:MYRGGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The utilities provider reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.05. MYR Group had a net margin of 3.24% and a return on equity of 16.18%. The business had revenue of $708.11 million for the quarter, compared to analyst estimates of $681.15 million. During the same period in the previous year, the company earned $1.24 earnings per share. The business’s revenue for the quarter was up 9.0% on a year-over-year basis. On average, sell-side analysts anticipate that MYR Group will post 4.9 EPS for the current fiscal year.

MYR Group Company Profile

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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, renewable power facilities, and limited gas construction services, as well as emergency restoration services in response to hurricane, ice, or other storm related damages.

Further Reading

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