Principal Financial Group Inc. Sells 23,256 Shares of MYR Group Inc. (NASDAQ:MYRG)

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

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MYRG. MCF Advisors LLC increased its position 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 buying an additional 141 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of MYR Group by 27.0% during the fourth quarter. GAMMA Investing LLC now owns 555 shares of the utilities provider’s stock worth $83,000 after acquiring an additional 118 shares during the last quarter. KBC Group NV increased its holdings in shares of 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 acquiring an additional 267 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of MYR Group in the 3rd quarter valued at approximately $116,000. Finally, Millburn Ridgefield Corp acquired a new stake in MYR Group in the 3rd quarter worth approximately $130,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of MYR Group from $153.00 to $172.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. StockNews.com raised MYR Group from a “sell” rating to a “hold” rating in a research report on Monday, November 4th. The Goldman Sachs Group lifted their price target on MYR Group from $124.00 to $153.00 and gave the stock a “buy” rating in a research report on Monday, November 4th. Finally, Robert W. Baird increased their price objective on MYR Group from $131.00 to $138.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $157.00.

MYR Group Trading Up 2.4 %

Shares of MYR Group stock opened at $135.07 on Thursday. MYR Group Inc. has a 1 year low of $86.60 and a 1 year high of $181.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.35 and a quick ratio of 1.35. The stock has a market cap of $2.18 billion, a PE ratio of 58.98 and a beta of 0.94. The firm has a fifty day moving average price of $147.44 and a 200 day moving average price of $129.48.

MYR Group Company 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.