14,084 Shares in MYR Group, Inc. $MYRG Bought by Hsbc Holdings PLC

Hsbc Holdings PLC acquired a new position in MYR Group, Inc. (NASDAQ:MYRG) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 14,084 shares of the utilities provider’s stock, valued at approximately $6,901,000. Hsbc Holdings PLC owned approximately 0.09% of MYR Group at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of MYR Group by 20.8% in the 1st quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider’s stock worth $1,447,000 after acquiring an additional 2,205 shares in the last quarter. AQR Capital Management LLC lifted its position in MYR Group by 124.5% during the 1st quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider’s stock valued at $1,232,000 after acquiring an additional 6,044 shares during the period. Goldman Sachs Group Inc. boosted its stake in MYR Group by 0.7% during the first quarter. Goldman Sachs Group Inc. now owns 203,356 shares of the utilities provider’s stock worth $22,998,000 after acquiring an additional 1,437 shares in the last quarter. Cetera Investment Advisers bought a new stake in MYR Group during the second quarter worth about $221,000. Finally, Invesco Ltd. grew its holdings in MYR Group by 26.9% in the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider’s stock worth $27,855,000 after purchasing an additional 32,544 shares during the period. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Insider Buying and Selling

In related news, Director Donald C.I. Lucky sold 14,675 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $449.53, for a total value of $6,596,852.75. Following the transaction, the director directly owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This represents a 72.45% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $1,576,750.00. Following the completion of the sale, the director directly owned 18,631 shares of the company’s stock, valued at approximately $8,393,265.50. The trade was a 15.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by insiders.

MYR Group Stock Down 4.8%

NASDAQ:MYRG opened at $294.42 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market cap of $4.58 billion, a P/E ratio of 27.93 and a beta of 1.34. MYR Group, Inc. has a fifty-two week low of $171.51 and a fifty-two week high of $503.57. The firm has a 50-day simple moving average of $380.81 and a two-hundred day simple moving average of $359.67.

MYR Group (NASDAQ:MYRG) last issued its earnings results on Wednesday, July 29th. The utilities provider reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.55. MYR Group had a net margin of 4.13% and a return on equity of 24.17%. The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $995.74 million. During the same quarter in the prior year, the firm posted $1.70 earnings per share. The business’s revenue was up 20.1% on a year-over-year basis. Analysts predict that MYR Group, Inc. will post 12.43 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MYRG shares. Zacks Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Jefferies Financial Group set a $392.00 price target on MYR Group in a research note on Friday, July 10th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Friday, July 17th. Wall Street Zen lowered MYR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Cantor Fitzgerald lifted their price objective on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and an average price target of $451.20.

About MYR Group

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.