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

Principal Financial Group Inc. lessened its position in shares of MYR Group Inc. (NASDAQ:MYRG) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 408,246 shares of the utilities provider’s stock after selling 23,256 shares during the quarter. Principal Financial Group Inc.’s holdings in MYR Group were worth $60,734,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new position in shares of MYR Group in the 3rd quarter valued at about $24,145,000. Assenagon Asset Management S.A. grew its holdings in MYR Group by 387.9% in the third quarter. Assenagon Asset Management S.A. now owns 185,644 shares of the utilities provider’s stock valued at $18,978,000 after purchasing an additional 147,598 shares during the period. TimesSquare Capital Management LLC increased its position in shares of MYR Group by 178.5% in the third quarter. TimesSquare Capital Management LLC now owns 213,188 shares of the utilities provider’s stock valued at $21,794,000 after buying an additional 136,643 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of MYR Group by 586.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 70,335 shares of the utilities provider’s stock worth $7,190,000 after buying an additional 60,085 shares during the period. Finally, Edgestream Partners L.P. purchased a new position in shares of MYR Group during the 3rd quarter valued at approximately $5,035,000. Hedge funds and other institutional investors own 88.90% of the company’s stock.

MYR Group Stock Performance

NASDAQ:MYRG opened at $135.07 on Thursday. The company has a market cap of $2.18 billion, a P/E ratio of 58.98 and a beta of 0.94. MYR Group Inc. has a twelve month low of $86.60 and a twelve month high of $181.02. The company’s 50-day moving average price is $147.44 and its 200-day moving average price is $129.48. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.15.

Analyst Ratings Changes

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

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.