Principal Financial Group Inc. Cuts Stock Position in MYR Group, Inc. $MYRG

Principal Financial Group Inc. decreased its holdings in shares of MYR Group, Inc. (NASDAQ:MYRG) by 21.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 305,819 shares of the utilities provider’s stock after selling 83,190 shares during the quarter. Principal Financial Group Inc. owned about 1.96% of MYR Group worth $86,339,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MYRG. Fifth Third Bancorp raised its position in MYR Group by 3,075.0% in the first quarter. Fifth Third Bancorp now owns 3,810 shares of the utilities provider’s stock valued at $1,076,000 after purchasing an additional 3,690 shares during the period. Hsbc Holdings PLC boosted its position in shares of MYR Group by 45.5% in the first quarter. Hsbc Holdings PLC now owns 9,137 shares of the utilities provider’s stock worth $2,542,000 after buying an additional 2,856 shares during the period. Abel Hall LLC boosted its position in shares of MYR Group by 21.0% in the first quarter. Abel Hall LLC now owns 1,680 shares of the utilities provider’s stock worth $474,000 after buying an additional 291 shares during the period. HB Wealth Management LLC grew its stake in shares of MYR Group by 7.0% in the first quarter. HB Wealth Management LLC now owns 1,329 shares of the utilities provider’s stock valued at $375,000 after buying an additional 87 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of MYR Group in the first quarter valued at about $1,266,000. 88.90% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MYR Group

In other news, Director Kenneth Michael Hartwick sold 3,500 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $450.50, for a total value of $1,576,750.00. Following the sale, the director owned 18,631 shares in the company, valued at approximately $8,393,265.50. This represents a 15.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Donald C.I. Lucky sold 14,675 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total value of $6,596,852.75. Following the completion of the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

MYR Group Stock Performance

MYR Group stock opened at $398.81 on Friday. MYR Group, Inc. has a 52 week low of $171.51 and a 52 week high of $503.57. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.01. The stock has a market cap of $6.21 billion, a P/E ratio of 43.97 and a beta of 1.31. The stock has a 50 day moving average of $448.87 and a 200-day moving average of $338.91.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.09 by $0.90. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $932.45 million. MYR Group had a net margin of 3.71% and a return on equity of 22.14%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.45 earnings per share. On average, analysts expect that MYR Group, Inc. will post 11.43 EPS for the current fiscal year.

Analyst Ratings Changes

MYRG has been the topic of several recent research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of MYR Group in a research report on Tuesday, April 21st. Robert W. Baird set a $373.00 price objective on shares of MYR Group in a research report on Thursday, April 30th. Zacks Research lowered shares of MYR Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 10th. Jefferies Financial Group set a $392.00 target price on shares of MYR Group in a research report on Friday, July 10th. Finally, Cantor Fitzgerald upped their target price on shares of MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $389.83.

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.