Principal Financial Group Inc. Has $44.37 Million Stock Position in MYR Group, Inc. (NASDAQ:MYRG)

Principal Financial Group Inc. decreased its stake in MYR Group, Inc. (NASDAQ:MYRG - Free Report) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 392,296 shares of the utilities provider's stock after selling 15,950 shares during the period. Principal Financial Group Inc. owned approximately 2.43% of MYR Group worth $44,365,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MYRG. Smartleaf Asset Management LLC raised its stake in MYR Group by 697.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 327 shares of the utilities provider's stock valued at $49,000 after buying an additional 286 shares in the last quarter. Versant Capital Management Inc raised its stake in MYR Group by 85.4% during the first quarter. Versant Capital Management Inc now owns 456 shares of the utilities provider's stock valued at $52,000 after buying an additional 210 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its stake in MYR Group by 13.2% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 618 shares of the utilities provider's stock valued at $92,000 after buying an additional 72 shares in the last quarter. Quadrant Capital Group LLC raised its stake in MYR Group by 52.4% during the fourth quarter. Quadrant Capital Group LLC now owns 666 shares of the utilities provider's stock valued at $99,000 after buying an additional 229 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in MYR Group by 234.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,337 shares of the utilities provider's stock valued at $199,000 after buying an additional 937 shares in the last quarter. Hedge funds and other institutional investors own 88.90% of the company's stock.

MYR Group Stock Performance

MYR Group stock traded down $1.71 during trading hours on Thursday, hitting $182.51. The company had a trading volume of 133,047 shares, compared to its average volume of 225,662. The firm has a market cap of $2.83 billion, a PE ratio of 83.72 and a beta of 1.19. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a one year low of $86.60 and a one year high of $190.81. The firm has a 50-day moving average of $166.53 and a 200 day moving average of $142.58.

MYR Group (NASDAQ:MYRG - Get Free Report) last announced its earnings results on Wednesday, April 30th. The utilities provider reported $1.45 EPS for the quarter, topping the consensus estimate of $1.18 by $0.27. MYR Group had a net margin of 1.02% and a return on equity of 5.84%. The company had revenue of $833.62 million for the quarter, compared to analysts' expectations of $788.98 million. During the same period last year, the firm earned $1.12 earnings per share. The business's revenue for the quarter was up 2.2% on a year-over-year basis. On average, sell-side analysts expect that MYR Group, Inc. will post 1.16 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MYRG shares. The Goldman Sachs Group lowered MYR Group from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $145.00 to $168.00 in a report on Friday, June 6th. Wall Street Zen raised MYR Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Piper Sandler increased their price objective on MYR Group from $138.00 to $153.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Stifel Nicolaus reduced their target price on MYR Group from $157.00 to $131.00 and set a "buy" rating for the company in a report on Wednesday, April 9th. Finally, KeyCorp increased their target price on MYR Group from $136.00 to $163.00 and gave the company an "overweight" rating in a report on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, MYR Group has an average rating of "Moderate Buy" and a consensus price target of $157.00.

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.