MYR Group, Inc. $MYRG Shares Sold by Principal Financial Group Inc.

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

A number of other institutional investors and hedge funds also recently modified their holdings of MYRG. Wellington Management Group LLP boosted its holdings in shares of MYR Group by 63.5% in the 4th quarter. Wellington Management Group LLP now owns 1,021,293 shares of the utilities provider’s stock valued at $223,153,000 after buying an additional 396,502 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in MYR Group during the fourth quarter worth about $47,012,000. Invesco Ltd. lifted its holdings in MYR Group by 59.9% in the third quarter. Invesco Ltd. now owns 245,435 shares of the utilities provider’s stock worth $51,058,000 after acquiring an additional 91,923 shares during the last quarter. Squarepoint Ops LLC lifted its holdings in MYR Group by 274.9% in the third quarter. Squarepoint Ops LLC now owns 121,434 shares of the utilities provider’s stock worth $25,262,000 after acquiring an additional 89,044 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in MYR Group in the second quarter valued at approximately $13,609,000. 88.90% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other MYR Group news, Director Donald C.I. Lucky sold 14,675 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $449.53, for a total transaction of $6,596,852.75. Following the transaction, the director owned 5,579 shares of the company’s stock, valued at approximately $2,507,927.87. This trade represents a 72.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kenneth Michael Hartwick sold 3,500 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $450.50, for a total transaction of $1,576,750.00. Following the sale, the director owned 18,631 shares in the company, valued at $8,393,265.50. This trade represents a 15.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.90% of the company’s stock.

MYR Group Stock Down 3.9%

Shares of MYR Group stock opened at $398.81 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.31 and a quick ratio of 1.31. MYR Group, Inc. has a 1-year low of $171.51 and a 1-year high of $503.57. The business’s fifty day moving average price is $448.87 and its two-hundred day moving average price is $338.91. The company has a market capitalization of $6.21 billion, a P/E ratio of 43.97 and a beta of 1.31.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings results on Wednesday, April 29th. The utilities provider reported $2.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.90. The company had revenue of $1 billion during the quarter, compared to analysts’ expectations of $932.45 million. MYR Group had a return on equity of 22.14% and a net margin of 3.71%.The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.45 earnings per share. As a group, research analysts forecast that MYR Group, Inc. will post 11.43 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MYRG shares. Cantor Fitzgerald upped their target price on MYR Group from $311.00 to $564.00 and gave the company an “overweight” rating in a report on Monday, May 11th. Jefferies Financial Group set a $392.00 price target on MYR Group in a report on Friday, July 10th. Robert W. Baird set a $373.00 price objective on MYR Group in a research report on Thursday, April 30th. Weiss Ratings restated a “buy (b-)” rating on shares of MYR Group in a research note on Tuesday, April 21st. Finally, Stifel Nicolaus set a $503.00 target price on MYR Group in a research report on Monday, May 4th. One investment 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. According to MarketBeat, MYR Group presently has a consensus rating of “Moderate Buy” and an average price target of $389.83.

MYR Group Profile

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.