MYR Group Inc. (NASDAQ:MYRG) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 3.7% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 431,502 shares of the utilities provider's stock after acquiring an additional 15,361 shares during the quarter. Principal Financial Group Inc. owned 2.61% of MYR Group worth $44,113,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors boosted its stake in MYR Group by 578.4% during the 1st quarter. Capital World Investors now owns 974,748 shares of the utilities provider's stock worth $172,287,000 after purchasing an additional 831,066 shares during the last quarter. Swedbank AB acquired a new stake in MYR Group during the 1st quarter worth $51,452,000. Assenagon Asset Management S.A. boosted its stake in MYR Group by 387.9% during the 3rd quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider's stock worth $18,978,000 after purchasing an additional 147,598 shares during the last quarter. Millennium Management LLC boosted its stake in MYR Group by 68.9% during the 2nd quarter. Millennium Management LLC now owns 171,329 shares of the utilities provider's stock worth $23,251,000 after purchasing an additional 69,886 shares during the last quarter. Finally, Driehaus Capital Management LLC boosted its position in shares of MYR Group by 16.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 141,534 shares of the utilities provider's stock valued at $19,208,000 after acquiring an additional 19,904 shares during the last quarter. Institutional investors and hedge funds own 88.90% of the company's stock.

MYR Group Trading Up 1.4 %

MYRG traded up $2.12 on Monday, hitting $150.78. The company had a trading volume of 188,068 shares, compared to its average volume of 180,655. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.43 billion, a P/E ratio of 65.84 and a beta of 0.89. The company's fifty day moving average price is $111.93 and its 200 day moving average price is $127.50. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02.

MYR Group (NASDAQ:MYRG - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The utilities provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.25 by $0.40. The company had revenue of $888.00 million for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.28 earnings per share. As a group, equities analysts expect that MYR Group Inc. will post 1.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price target on shares of MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a research report on Monday, November 4th. StockNews.com raised shares of MYR Group from a "sell" rating to a "hold" rating in a research report on Monday, November 4th. Stifel Nicolaus lowered their price target on shares of MYR Group from $172.00 to $119.00 and set a "buy" rating on the stock in a research report on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, MYR Group presently has an average rating of "Moderate Buy" and a consensus price target of $143.75.

MYR Group 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.