Hsbc Holdings PLC Acquires 3,856 Shares of MYR Group, Inc. $MYRG

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

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MYRG. Quantbot Technologies LP bought a new stake in MYR Group in the first quarter worth approximately $385,000. Wellington Management Group LLP raised its stake in 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 in the last quarter. Northern Trust Corp grew its holdings in shares of MYR Group by 3.7% during the first quarter. Northern Trust Corp now owns 189,843 shares of the utilities provider's stock worth $21,469,000 after purchasing an additional 6,687 shares during the last quarter. Algert Global LLC lifted its stake in shares of MYR Group by 18.4% in the first quarter. Algert Global LLC now owns 5,030 shares of the utilities provider's stock worth $569,000 after acquiring an additional 780 shares during the period. Finally, Fox Run Management L.L.C. acquired a new position in shares of MYR Group during the first quarter worth approximately $1,179,000. 88.90% of the stock is owned by institutional investors and hedge funds.

MYR Group Stock Down 4.3%

MYRG traded down $7.93 on Friday, reaching $176.56. 37,864 shares of the company traded hands, compared to its average volume of 210,860. The stock's 50 day moving average price is $187.17 and its 200-day moving average price is $154.44. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.33 and a quick ratio of 1.33. MYR Group, Inc. has a 52-week low of $86.60 and a 52-week high of $220.01. The company has a market cap of $2.74 billion, a price-to-earnings ratio of 36.86 and a beta of 1.18.

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. KeyCorp boosted their price target on shares of MYR Group from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. The Goldman Sachs Group boosted their price objective on MYR Group from $168.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Piper Sandler upped their target price on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Finally, Stifel Nicolaus set a $210.00 target price on MYR Group in a research report on Monday, August 4th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, MYR Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.83.

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.