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

MYR Group Inc. (NASDAQ:MYRG - Get Free Report) was the recipient of a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 755,400 shares, a drop of 16.4% from the April 30th total of 903,500 shares. Approximately 5.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 259,200 shares, the short-interest ratio is currently 2.9 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a research note on Wednesday, April 9th. Piper Sandler upped their target price on MYR Group from $138.00 to $153.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. KeyCorp lifted their price target on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a research report on Friday, May 2nd. Robert W. Baird upped their price objective on MYR Group from $159.00 to $170.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Finally, The Goldman Sachs Group decreased their target price on MYR Group from $164.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $152.40.

MYR Group Price Performance

MYR Group stock traded up $4.80 during mid-day trading on Thursday, hitting $165.09. The company's stock had a trading volume of 126,445 shares, compared to its average volume of 223,350. MYR Group has a twelve month low of $86.60 and a twelve month high of $168.88. The stock has a market capitalization of $2.56 billion, a P/E ratio of 72.06 and a beta of 1.06. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The stock's fifty day moving average price is $136.33 and its two-hundred day moving average price is $139.78.

MYR Group (NASDAQ:MYRG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a return on equity of 6.05% and a net margin of 1.08%. The firm had revenue of $833.62 million for the quarter, compared to the consensus estimate of $788.98 million. During the same quarter in the previous year, the company earned $1.12 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts forecast that MYR Group will post 1.16 earnings per share for the current year.

Institutional Investors Weigh In On MYR Group

A number of large investors have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. lifted its position in shares of MYR Group by 42.1% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 537,347 shares of the utilities provider's stock worth $79,942,000 after purchasing an additional 159,302 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of MYR Group by 38.4% during the 4th quarter. Millennium Management LLC now owns 461,830 shares of the utilities provider's stock worth $68,706,000 after buying an additional 128,159 shares during the period. Wellington Management Group LLP grew its position in shares of MYR Group by 11.7% in the first quarter. Wellington Management Group LLP now owns 452,213 shares of the utilities provider's stock valued at $51,141,000 after purchasing an additional 47,445 shares during the last quarter. American Century Companies Inc. grew its holdings in MYR Group by 38.2% in the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock valued at $49,368,000 after buying an additional 91,644 shares during the last quarter. Finally, Artisan Partners Limited Partnership grew its stake in shares of MYR Group by 19.8% in the fourth quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock worth $48,222,000 after acquiring an additional 53,496 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

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.