Hsbc Holdings PLC Acquires New Holdings in MYR Group, Inc. $MYRG

Hsbc Holdings PLC bought a new position in MYR Group, Inc. (NASDAQ:MYRG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 14,084 shares of the utilities provider’s stock, valued at approximately $6,901,000.

A number of other large investors have also added to or reduced their stakes in the stock. Kilter Group LLC purchased a new stake in MYR Group during the 2nd quarter valued at $25,000. Carolina Wealth Advisors LLC purchased a new position in shares of MYR Group in the 2nd quarter worth $30,000. Global Retirement Partners LLC purchased a new position in shares of MYR Group in the 2nd quarter worth $30,000. Farther Finance Advisors LLC grew its holdings in shares of MYR Group by 212.2% in the fourth quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 104 shares during the period. Finally, Parallel Advisors LLC grew its holdings in shares of MYR Group by 207.9% in the first quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. Institutional investors own 88.90% of the company’s stock.

MYR Group Trading Down 4.8%

NASDAQ:MYRG opened at $294.42 on Friday. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57. The business has a fifty day moving average price of $380.81 and a 200-day moving average price of $359.67. The firm has a market capitalization of $4.58 billion, a price-to-earnings ratio of 27.93 and a beta of 1.34. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.55. MYR Group had a return on equity of 24.17% and a net margin of 4.13%.The company had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same period in the previous year, the business earned $1.70 earnings per share. MYR Group’s quarterly revenue was up 20.1% compared to the same quarter last year. Sell-side analysts forecast that MYR Group, Inc. will post 12.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a report on Friday, July 17th. Jefferies Financial Group set a $392.00 price target on MYR Group in a research note on Friday, July 10th. Cantor Fitzgerald upped their price target on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research report on Monday, May 11th. Stifel Nicolaus set a $503.00 price objective on shares of MYR Group in a research note on Monday, May 4th. Finally, Oppenheimer reissued a “market perform” rating on shares of MYR Group in a report on Thursday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $451.20.

Insider Activity

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the firm’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 transaction, the director owned 18,631 shares of the company’s stock, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of MYR Group stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares in the company, valued at approximately $2,507,927.87. The trade was a 72.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by company insiders.

About MYR Group

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.