Hsbc Holdings PLC Has $382,000 Holdings in MYR Group Inc. (NASDAQ:MYRG)

Hsbc Holdings PLC trimmed its position in MYR Group Inc. (NASDAQ:MYRG) by 51.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,565 shares of the utilities provider’s stock after selling 2,741 shares during the quarter. Hsbc Holdings PLC’s holdings in MYR Group were worth $382,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its position in shares of MYR Group by 77.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 54,405 shares of the utilities provider’s stock worth $8,045,000 after buying an additional 23,760 shares during the period. Principal Financial Group Inc. lifted its holdings 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 acquiring an additional 15,361 shares during the period. GAMMA Investing LLC boosted its stake in shares of MYR Group by 27.0% in the 4th quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock valued at $83,000 after purchasing an additional 118 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of MYR Group by 12.3% in the 4th quarter. Bank of New York Mellon Corp now owns 238,740 shares of the utilities provider’s stock worth $35,517,000 after purchasing an additional 26,205 shares during the last quarter. Finally, Truist Financial Corp increased its position in shares of MYR Group by 51.1% during the 4th quarter. Truist Financial Corp now owns 3,402 shares of the utilities provider’s stock worth $506,000 after purchasing an additional 1,150 shares in the last quarter. 88.90% of the stock is owned by institutional investors.

MYR Group Trading Down 0.1 %

Shares of MYRG opened at $155.05 on Friday. The stock’s fifty day simple moving average is $120.83 and its 200-day simple moving average is $136.24. The firm has a market capitalization of $2.41 billion, a PE ratio of 67.71 and a beta of 1.06. MYR Group Inc. has a 12-month low of $86.60 and a 12-month high of $168.88. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15.

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

Analyst Upgrades and Downgrades

MYRG has been the topic of several research analyst reports. KeyCorp upped their price objective on shares of MYR Group from $136.00 to $163.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Stifel Nicolaus dropped their price target on MYR Group from $157.00 to $131.00 and set a “buy” rating for the company in a report on Wednesday, April 9th. Piper Sandler boosted their price objective on MYR Group from $124.00 to $138.00 and gave the stock a “neutral” rating in a research note on Monday. StockNews.com upgraded MYR Group from a “hold” rating to a “buy” rating in a research note on Monday. Finally, Robert W. Baird upped their price target 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. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, MYR Group currently has an average rating of “Moderate Buy” and an average 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.