Hsbc Holdings PLC Lowers Stock Holdings in MYR Group Inc. (NASDAQ:MYRG)

Hsbc Holdings PLC decreased its stake in shares of MYR Group Inc. (NASDAQ:MYRG - Free Report) by 51.7% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,565 shares of the utilities provider's stock after selling 2,741 shares during the period. Hsbc Holdings PLC's holdings in MYR Group were worth $382,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MYRG. Principal Financial Group Inc. grew its stake in shares of MYR Group by 3.7% during the third quarter. Principal Financial Group Inc. now owns 431,502 shares of the utilities provider's stock valued at $44,113,000 after purchasing an additional 15,361 shares during the last quarter. Wellington Management Group LLP acquired a new position in shares of MYR Group during the fourth quarter valued at $60,217,000. American Century Companies Inc. raised its holdings in MYR Group by 38.2% during the 4th quarter. American Century Companies Inc. now owns 331,840 shares of the utilities provider's stock worth $49,368,000 after purchasing an additional 91,644 shares during the last quarter. Artisan Partners Limited Partnership lifted its position in MYR Group by 19.8% during the 4th quarter. Artisan Partners Limited Partnership now owns 324,139 shares of the utilities provider's stock valued at $48,222,000 after purchasing an additional 53,496 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of MYR Group by 3.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 242,201 shares of the utilities provider's stock valued at $36,032,000 after purchasing an additional 9,146 shares during the last quarter. 88.90% of the stock is currently owned by institutional investors and hedge funds.

MYR Group Price Performance

Shares of MYRG traded up $4.16 during mid-day trading on Tuesday, reaching $163.95. 139,554 shares of the stock traded hands, compared to its average volume of 215,689. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $168.88. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 71.59 and a beta of 1.06. The firm has a fifty day moving average price of $122.23 and a 200 day moving average price of $137.09.

MYR Group (NASDAQ:MYRG - Get Free Report) last released its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, beating the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The company had revenue of $833.62 million for the quarter, compared to analyst estimates of $788.98 million. During the same quarter last year, the firm earned $1.12 EPS. The firm's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts predict that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MYRG shares. StockNews.com raised shares of MYR Group from a "hold" rating to a "buy" rating in a research note on Monday, May 5th. Piper Sandler raised their price target on MYR Group from $124.00 to $138.00 and gave the company a "neutral" rating in a report on Monday, May 5th. Robert W. Baird increased their target price on shares of MYR Group from $159.00 to $170.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. Stifel Nicolaus reduced their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating on the stock in a report on Wednesday, April 9th. Finally, The Goldman Sachs Group cut their price target on MYR Group from $164.00 to $145.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, MYR Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.40.

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.