MYR Group Inc. (NASDAQ:MYRG) Stake Raised by Hsbc Holdings PLC

Hsbc Holdings PLC increased its holdings in MYR Group Inc. (NASDAQ:MYRG) by 13.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,113 shares of the utilities provider’s stock after buying an additional 601 shares during the quarter. Hsbc Holdings PLC’s holdings in MYR Group were worth $695,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fidelis Capital Partners LLC bought a new position in MYR Group in the 1st quarter valued at about $48,000. GAMMA Investing LLC raised its stake in shares of MYR Group by 37.8% in the 1st quarter. GAMMA Investing LLC now owns 598 shares of the utilities provider’s stock worth $106,000 after buying an additional 164 shares in the last quarter. Covestor Ltd lifted its holdings in shares of MYR Group by 23.7% in the first quarter. Covestor Ltd now owns 689 shares of the utilities provider’s stock valued at $122,000 after buying an additional 132 shares during the period. RiverPark Advisors LLC boosted its stake in MYR Group by 360.3% during the first quarter. RiverPark Advisors LLC now owns 893 shares of the utilities provider’s stock valued at $158,000 after buying an additional 699 shares in the last quarter. Finally, EntryPoint Capital LLC acquired a new position in MYR Group during the first quarter worth about $186,000. Institutional investors own 88.90% of the company’s stock.

Wall Street Analyst Weigh In

MYRG has been the subject of several research reports. StockNews.com lowered shares of MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, September 18th. The Goldman Sachs Group decreased their price target on shares of MYR Group from $182.00 to $124.00 and set a “buy” rating on the stock in a research report on Thursday, September 19th. Stifel Nicolaus cut their price objective on MYR Group from $172.00 to $119.00 and set a “buy” rating for the company in a research report on Monday, August 5th. Finally, Robert W. Baird decreased their target price on MYR Group from $170.00 to $143.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, MYR Group has an average rating of “Hold” and a consensus price target of $137.75.

MYR Group Trading Up 1.0 %

NASDAQ MYRG opened at $102.75 on Monday. The firm’s 50 day moving average price is $106.35 and its two-hundred day moving average price is $137.57. The company has a debt-to-equity ratio of 0.06, a quick ratio of 1.36 and a current ratio of 1.36. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of 19.91 and a beta of 0.93.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported ($0.91) earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). The business had revenue of $828.89 million for the quarter, compared to analysts’ expectations of $876.07 million. MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business’s quarterly revenue was down 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.33 EPS. Equities analysts anticipate that MYR Group Inc. will post 0.91 EPS for the current year.

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.