Hsbc Holdings PLC Buys 4,947 Shares of MYR Group, Inc. $MYRG

Key Points

• Hsbc Holdings PLC increased its MYR Group stake by 54.1% in the second quarter, purchasing 4,947 additional shares and bringing its holdings to 14,084 shares valued at approximately $6.9 million.
• MYR Group reported strong quarterly results, with revenue rising 20.1% year over year to $1.08 billion and earnings per share of $3.17, beating analyst expectations of $2.62.
• Institutional investors own 88.9% of MYR Group, while analyst sentiment remains a “Moderate Buy” with an average price target of $451.20, despite the stock opening at $286.84—well below its moving averages.

Hsbc Holdings PLC grew its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 54.1% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,084 shares of the utilities provider's stock after purchasing an additional 4,947 shares during the period. Hsbc Holdings PLC owned about 0.09% of MYR Group worth $6,901,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Kilter Group LLC bought a new position in MYR Group in the 2nd quarter valued at approximately $25,000. Carolina Wealth Advisors LLC acquired a new position in shares of MYR Group during the second quarter worth $30,000. Global Retirement Partners LLC acquired a new position in shares of MYR Group during the second quarter worth $30,000. Parallel Advisors LLC lifted its stake in shares of MYR Group by 207.9% in the 1st quarter. Parallel Advisors LLC now owns 117 shares of the utilities provider's stock valued at $33,000 after acquiring an additional 79 shares during the last quarter. Finally, Acumen Wealth Advisors LLC bought a new position in shares of MYR Group in the 4th quarter valued at $35,000. 88.90% of the stock is owned by institutional investors.

MYR Group Price Performance

MYR Group stock opened at $286.84 on Thursday. The stock's 50 day moving average is $349.64 and its 200 day moving average is $361.25. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.40 and a quick ratio of 1.40. The firm has a market cap of $4.47 billion, a P/E ratio of 27.21 and a beta of 1.31. MYR Group, Inc. has a one year low of $171.51 and a one year high of $503.57.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share for the quarter, beating analysts' consensus estimates of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The business had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the prior year, the firm posted $1.70 EPS. The company's revenue for the quarter was up 20.1% compared to the same quarter last year. As a group, research analysts expect that MYR Group, Inc. will post 12.43 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Zacks Research upgraded MYR Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. The Goldman Sachs Group cut their price target on MYR Group from $469.00 to $422.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Jefferies Financial Group set a $392.00 price objective on MYR Group in a research note on Friday, July 10th. Wall Street Zen lowered shares of MYR Group from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 29th. Finally, Weiss Ratings lowered shares of MYR Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $451.20.

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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