Principal Financial Group Inc. Cuts Position in MYR Group Inc. (NASDAQ:MYRG)

Principal Financial Group Inc. reduced its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 30.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 416,141 shares of the utilities provider’s stock after selling 182,659 shares during the period. Principal Financial Group Inc. owned 2.48% of MYR Group worth $56,474,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in MYR Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 1,260,930 shares of the utilities provider’s stock worth $182,368,000 after buying an additional 5,055 shares in the last quarter. Capital World Investors increased 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 buying an additional 831,066 shares in the last quarter. Swedbank AB purchased a new stake in MYR Group during the 1st quarter worth approximately $51,452,000. Victory Capital Management Inc. increased its stake in MYR Group by 9.7% during the 4th quarter. Victory Capital Management Inc. now owns 272,876 shares of the utilities provider’s stock worth $39,466,000 after buying an additional 24,135 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in MYR Group by 0.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 217,313 shares of the utilities provider’s stock worth $31,430,000 after buying an additional 890 shares in the last quarter. 88.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MYRG has been the subject of several research reports. Robert W. Baird cut their price objective on MYR Group from $170.00 to $143.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus lowered their target price on MYR Group from $172.00 to $119.00 and set a “buy” rating on the stock in a report on Monday, August 5th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, MYR Group presently has a consensus rating of “Moderate Buy” and an average target price of $147.75.

MYR Group Price Performance

Shares of MYR Group stock traded up $0.79 on Friday, hitting $100.80. 158,625 shares of the company were exchanged, compared to its average volume of 164,267. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 19.40 and a beta of 0.99. The company has a 50-day moving average price of $123.80 and a 200 day moving average price of $147.09. MYR Group Inc. has a 1-year low of $92.48 and a 1-year high of $181.02. The company has a quick ratio of 1.40, a current ratio of 1.36 and a debt-to-equity ratio of 0.06.

MYR Group (NASDAQ:MYRG) last released its quarterly earnings data on Wednesday, July 31st. The utilities provider reported ($0.91) EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($1.98). MYR Group had a net margin of 1.37% and a return on equity of 7.65%. The business had revenue of $828.89 million during the quarter, compared to analyst estimates of $876.07 million. During the same quarter in the prior year, the company posted $1.33 earnings per share. The company’s revenue was down 6.7% on a year-over-year basis. As a group, sell-side analysts predict that MYR Group Inc. will post 5.4 earnings per share for the current fiscal year.

About MYR Group

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.