Principal Financial Group Inc. Has $60.73 Million Holdings in MYR Group Inc. (NASDAQ:MYRG)

Principal Financial Group Inc. reduced its stake in MYR Group Inc. (NASDAQ:MYRG - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 408,246 shares of the utilities provider's stock after selling 23,256 shares during the period. Principal Financial Group Inc. owned 2.53% of MYR Group worth $60,734,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. MCF Advisors LLC boosted its stake in MYR Group by 470.0% during the 4th quarter. MCF Advisors LLC now owns 171 shares of the utilities provider's stock valued at $25,000 after purchasing an additional 141 shares in the last quarter. GAMMA Investing LLC boosted its stake in MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider's stock valued at $83,000 after buying an additional 118 shares in the last quarter. KBC Group NV boosted its stake in MYR Group by 56.8% during the fourth quarter. KBC Group NV now owns 737 shares of the utilities provider's stock valued at $110,000 after buying an additional 267 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in MYR Group during the third quarter worth about $116,000. Finally, Millburn Ridgefield Corp bought a new stake in MYR Group in the third quarter worth about $130,000. 88.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MYRG shares. Robert W. Baird raised their price objective on shares of MYR Group from $131.00 to $138.00 and gave the company an "outperform" rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of MYR Group from a "sell" rating to a "hold" rating in a report on Monday, November 4th. The Goldman Sachs Group upped their price target on MYR Group from $124.00 to $153.00 and gave the company a "buy" rating in a report on Monday, November 4th. Finally, Stifel Nicolaus raised their price objective on MYR Group from $153.00 to $172.00 and gave the stock a "buy" rating in a research note on Wednesday, December 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $157.00.

MYR Group Trading Down 5.5 %

Shares of MYRG stock traded down $6.97 during trading hours on Friday, reaching $120.54. 243,353 shares of the stock traded hands, compared to its average volume of 153,704. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.94 billion, a PE ratio of 52.64 and a beta of 0.94. MYR Group Inc. has a 1-year low of $86.60 and a 1-year high of $181.02. The business has a fifty day moving average price of $145.75 and a 200 day moving average price of $129.63.

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.