Principal Financial Group Inc. Grows Stock Holdings in MYR Group, Inc. $MYRG

Key Points

• Principal Financial Group raised its stake in MYR Group by 2.3% in Q4, owning 389,009 shares (about 2.51% of the company) valued at roughly $84.998 million after buying an additional 8,695 shares.
• MYR posted a strong quarter—$2.99 EPS vs. $2.09 expected and $1.0B revenue (up 20% YoY)—and the stock trades near its 12‑month high with a $7.08 billion market cap and a PE of ~50.
• Analysts are generally positive: the consensus rating is "Moderate Buy" with a $292.71 average price target, and several firms (including Goldman Sachs and Cantor Fitzgerald) recently raised targets or ratings.

Principal Financial Group Inc. increased its stake in shares of MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 389,009 shares of the utilities provider's stock after buying an additional 8,695 shares during the quarter. Principal Financial Group Inc. owned about 2.51% of MYR Group worth $84,998,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MYRG. Royal Bank of Canada grew its holdings in shares of MYR Group by 20.8% during the first quarter. Royal Bank of Canada now owns 12,791 shares of the utilities provider's stock worth $1,447,000 after buying an additional 2,205 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of MYR Group by 124.5% during the first quarter. AQR Capital Management LLC now owns 10,898 shares of the utilities provider's stock worth $1,232,000 after buying an additional 6,044 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of 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 buying an additional 1,437 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of MYR Group during the second quarter worth about $221,000. Finally, Invesco Ltd. grew its holdings in shares of MYR Group by 26.9% during the second quarter. Invesco Ltd. now owns 153,512 shares of the utilities provider's stock worth $27,855,000 after buying an additional 32,544 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on MYRG. The Goldman Sachs Group raised their price target on MYR Group from $248.00 to $296.00 and gave the stock a "neutral" rating in a report on Tuesday, March 3rd. Zacks Research raised MYR Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 3rd. Stifel Nicolaus set a $503.00 price target on MYR Group in a report on Monday. Robert W. Baird set a $373.00 price target on MYR Group in a report on Thursday, April 30th. Finally, Cantor Fitzgerald raised their price target on MYR Group from $285.00 to $311.00 and gave the stock an "overweight" rating in a report on Monday, March 2nd. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $292.71.

MYR Group Price Performance

Shares of MYRG opened at $454.78 on Thursday. MYR Group, Inc. has a twelve month low of $152.10 and a twelve month high of $475.40. The stock's 50 day moving average is $300.64 and its two-hundred day moving average is $257.36. The firm has a market capitalization of $7.08 billion, a PE ratio of 50.14 and a beta of 1.30. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share for the quarter, beating analysts' consensus estimates of $2.09 by $0.90. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company had revenue of $1 billion for the quarter, compared to analyst estimates of $932.45 million. During the same quarter in the previous year, the company earned $1.45 EPS. The firm's revenue for the quarter was up 20.0% compared to the same quarter last year. Research analysts anticipate that MYR Group, Inc. will post 9.23 earnings per share for the current year.

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.

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