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

Key Points

• HSBC Holdings PLC increased its stake in MYR Group by 45.5% in the first quarter, buying 2,856 additional shares and bringing its total holding to 9,137 shares worth about $2.54 million.
• Analysts remain cautiously upbeat on MYR Group, with a consensus rating of “Moderate Buy” and an average price target of $389.83, though at least one firm recently downgraded the stock to hold.
• MYR Group reported strong quarterly results, posting $2.99 EPS versus the $2.09 estimate and revenue of $1 billion, up 20% year over year, even as the stock was down 6.9% in Friday trading.

Hsbc Holdings PLC boosted its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 45.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,137 shares of the utilities provider's stock after buying an additional 2,856 shares during the quarter. Hsbc Holdings PLC owned approximately 0.06% of MYR Group worth $2,542,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC boosted its stake in shares of MYR Group by 212.2% in the 4th quarter. Farther Finance Advisors LLC now owns 153 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 104 shares in the last quarter. Acumen Wealth Advisors LLC bought a new position in MYR Group during the 4th quarter valued at about $35,000. Signaturefd LLC boosted its position in 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 buying an additional 65 shares in the last quarter. Hantz Financial Services Inc. boosted its position in MYR Group by 271.2% in the fourth quarter. Hantz Financial Services Inc. now owns 219 shares of the utilities provider's stock valued at $48,000 after buying an additional 160 shares in the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in MYR Group during the fourth quarter worth about $66,000. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on MYRG shares. Robert W. Baird set a $373.00 target price on MYR Group in a report on Thursday, April 30th. Zacks Research cut MYR Group from a "strong-buy" rating to a "hold" rating in a report on Friday, July 10th. Cantor Fitzgerald raised their target price on MYR Group from $311.00 to $564.00 and gave the company an "overweight" rating in a research note on Monday, May 11th. Weiss Ratings reiterated a "buy (b-)" rating on shares of MYR Group in a research report on Friday, July 17th. Finally, Jefferies Financial Group set a $392.00 price objective on shares of MYR Group in a research report on Friday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $389.83.

MYR Group Stock Down 6.9%

NASDAQ:MYRG opened at $379.17 on Friday. MYR Group, Inc. has a 12-month low of $171.51 and a 12-month high of $503.57. The company has a quick ratio of 1.31, a current ratio of 1.31 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $5.90 billion, a P/E ratio of 41.80 and a beta of 1.31. The stock's fifty day simple moving average is $441.22 and its 200-day simple moving average is $345.43.

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

Insider Activity

In related news, Director Donald C.I. Lucky sold 14,675 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 5,579 shares in the company, valued at $2,507,927.87. This trade represents a 72.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kenneth Michael Hartwick sold 3,500 shares of MYR Group stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the transaction, the director directly owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is currently owned by insiders.

MYR Group 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.

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