Principal Financial Group Inc. Has $44.11 Million Holdings in MYR Group Inc. (NASDAQ:MYRG)

Principal Financial Group Inc. increased its stake in shares of MYR Group Inc. (NASDAQ:MYRG) by 3.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 431,502 shares of the utilities provider’s stock after buying an additional 15,361 shares during the quarter. Principal Financial Group Inc. owned 2.68% of MYR Group worth $44,113,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. State of New Jersey Common Pension Fund D lifted its holdings in shares of MYR Group by 66.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 19,161 shares of the utilities provider’s stock valued at $1,959,000 after acquiring an additional 7,655 shares during the period. Fisher Asset Management LLC lifted its holdings in MYR Group by 11.1% during the 3rd quarter. Fisher Asset Management LLC now owns 37,752 shares of the utilities provider’s stock valued at $3,859,000 after purchasing an additional 3,759 shares during the last quarter. Walleye Capital LLC boosted its position in MYR Group by 422.6% in the third quarter. Walleye Capital LLC now owns 43,985 shares of the utilities provider’s stock valued at $4,497,000 after buying an additional 35,569 shares in the last quarter. FORA Capital LLC acquired a new stake in shares of MYR Group during the third quarter worth approximately $417,000. Finally, US Bancorp DE increased its holdings in shares of MYR Group by 2,187.8% during the third quarter. US Bancorp DE now owns 5,422 shares of the utilities provider’s stock worth $554,000 after buying an additional 5,185 shares in the last quarter. Institutional investors and hedge funds own 88.90% of the company’s stock.

MYR Group Stock Performance

MYR Group stock opened at $153.30 on Monday. The company has a market cap of $2.47 billion, a PE ratio of 66.94 and a beta of 0.93. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company’s 50-day moving average is $144.44 and its two-hundred day moving average is $127.73.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.40. The firm had revenue of $888.00 million for the quarter, compared to analysts’ expectations of $917.18 million. MYR Group had a net margin of 1.08% and a return on equity of 6.05%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the firm earned $1.28 earnings per share. Equities analysts anticipate that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MYRG has been the topic of a number of research analyst reports. StockNews.com upgraded MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. Robert W. Baird raised their target price on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on shares of MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, Stifel Nicolaus raised their price objective on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.00.

MYR Group Company 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.