MYR Group, Inc. $MYRG Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its stake in MYR Group, Inc. by 150.3% in the first quarter, owning a total of 6,421 shares valued at $721,000 by the end of the reporting period.
• Multiple institutional investors, including Caitong International Asset Management and Versant Capital Management, significantly increased their positions in MYR Group, indicating strong interest from hedge funds and institutions.
• MYR Group's stock is currently experiencing a 2.2% decline, with an average price target of $191.83 following multiple analyst upgrades, reflecting a consensus rating of "Moderate Buy."

Hsbc Holdings PLC raised its holdings in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 150.3% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,421 shares of the utilities provider's stock after acquiring an additional 3,856 shares during the quarter. Hsbc Holdings PLC's holdings in MYR Group were worth $721,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of MYRG. Caitong International Asset Management Co. Ltd lifted its holdings in MYR Group by 92.7% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 343 shares of the utilities provider's stock valued at $39,000 after buying an additional 165 shares in the last quarter. Versant Capital Management Inc boosted its holdings in shares of MYR Group by 85.4% in the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 210 shares during the period. ANTIPODES PARTNERS Ltd boosted its holdings in shares of MYR Group by 16.3% in the first quarter. ANTIPODES PARTNERS Ltd now owns 719 shares of the utilities provider's stock valued at $81,000 after purchasing an additional 101 shares during the period. CWM LLC grew its stake in MYR Group by 176.9% in the first quarter. CWM LLC now owns 1,293 shares of the utilities provider's stock worth $146,000 after purchasing an additional 826 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in MYR Group by 234.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock worth $199,000 after purchasing an additional 937 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Down 0.4%

NASDAQ MYRG traded down $0.76 during trading on Thursday, hitting $182.00. The company's stock had a trading volume of 64,014 shares, compared to its average volume of 211,409. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. The company has a market cap of $2.82 billion, a PE ratio of 38.15 and a beta of 1.18. The business's 50 day simple moving average is $187.08 and its 200-day simple moving average is $154.09. MYR Group, Inc. has a fifty-two week low of $86.60 and a fifty-two week high of $220.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The utilities provider reported $1.70 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.14. The business had revenue of $900.33 million during the quarter, compared to the consensus estimate of $828.20 million. MYR Group had a return on equity of 13.16% and a net margin of 2.21%.The company's quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.91) earnings per share. On average, equities analysts anticipate that MYR Group, Inc. will post 1.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MYRG. Jefferies Financial Group began coverage on MYR Group in a research report on Friday, August 15th. They set a "hold" rating and a $202.00 price target on the stock. KeyCorp raised their price target on MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. The Goldman Sachs Group raised their price target on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Finally, Stifel Nicolaus set a $210.00 price target on MYR Group in a research note on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, MYR Group has a consensus rating of "Moderate Buy" and a consensus target price of $191.83.

MYR Group Profile

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.