Hsbc Holdings PLC Acquires 4,947 Shares of MYR Group, Inc. $MYRG

Hsbc Holdings PLC lifted its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 54.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,084 shares of the utilities provider’s stock after buying an additional 4,947 shares during the period. Hsbc Holdings PLC’s holdings in MYR Group were worth $6,901,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Kilter Group LLC acquired a new stake in MYR Group in the second quarter worth $25,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group during the second quarter valued at about $30,000. Global Retirement Partners LLC acquired a new position in shares of MYR Group during the second quarter valued at about $30,000. Parallel Advisors LLC boosted its position in shares of MYR Group by 207.9% during the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Finally, Acumen Wealth Advisors LLC bought a new position in shares of MYR Group during the 4th quarter worth about $35,000. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 0.5%

NASDAQ MYRG opened at $286.84 on Thursday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.01. The business has a fifty day simple moving average of $349.64 and a 200 day simple moving average of $361.25. MYR Group, Inc. has a 12 month low of $171.51 and a 12 month high of $503.57. The firm has a market capitalization of $4.47 billion, a P/E ratio of 27.21 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $995.74 million. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business’s revenue was up 20.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.70 EPS. On average, analysts predict that MYR Group, Inc. will post 12.43 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MYRG. Jefferies Financial Group set a $392.00 target price on MYR Group in a research report on Friday, July 10th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 29th. Weiss Ratings cut MYR Group from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 2nd. The Goldman Sachs Group decreased their price target on shares of MYR Group from $469.00 to $422.00 and set a “neutral” rating for the company in a research note on Thursday, August 13th. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, MYR Group currently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

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.