Hsbc Holdings PLC Buys 2,856 Shares of MYR Group, Inc. $MYRG

Hsbc Holdings PLC increased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG) by 45.5% during the first quarter, HoldingsChannel reports. The fund owned 9,137 shares of the utilities provider’s stock after buying an additional 2,856 shares during the period. Hsbc Holdings PLC’s holdings in MYR Group were worth $2,542,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in MYRG. Farther Finance Advisors LLC boosted its stake in MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 104 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of MYR Group in the fourth quarter valued at about $35,000. Signaturefd LLC lifted its holdings in shares of MYR Group by 65.7% in the fourth quarter. Signaturefd LLC now owns 164 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 65 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of MYR Group by 271.2% during the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider’s stock worth $48,000 after buying an additional 160 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of MYR Group during the fourth quarter worth about $66,000. 88.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on MYRG shares. Oppenheimer reissued a “market perform” rating on shares of MYR Group in a research report on Thursday, June 11th. Zacks Research cut shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a report on Friday, July 10th. Finally, Cantor Fitzgerald lifted their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $389.83.

Insiders Place Their Bets

In related news, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total value of $1,576,750.00. Following the completion of the transaction, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. The trade was a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the sale, the director owned 5,579 shares in the company, valued at $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by company insiders.

MYR Group Stock Down 6.9%

MYRG opened at $379.17 on Friday. The stock has a fifty day moving average of $441.22 and a 200-day moving average of $345.43. The company has a market capitalization of $5.90 billion, a P/E ratio of 41.80 and a beta of 1.31. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 1.31.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.90. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.45 EPS. On average, equities analysts expect that MYR Group, Inc. will post 11.43 EPS for the current year.

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.