Principal Financial Group Inc. increased its holdings in shares of MYR Group Inc (NASDAQ:MYRG) by 0.5% in the fourth quarter, HoldingsChannel.com reports. The firm owned 134,482 shares of the utilities provider’s stock after buying an additional 722 shares during the period. Principal Financial Group Inc.’s holdings in MYR Group were worth $3,788,000 as of its most recent filing with the SEC.
A number of other institutional investors have also bought and sold shares of the stock. Barclays PLC grew its holdings in MYR Group by 2.5% during the fourth quarter. Barclays PLC now owns 19,273 shares of the utilities provider’s stock worth $543,000 after purchasing an additional 470 shares during the period. Mackay Shields LLC bought a new position in MYR Group during the fourth quarter worth about $236,000. Geode Capital Management LLC grew its holdings in MYR Group by 5.4% during the fourth quarter. Geode Capital Management LLC now owns 181,179 shares of the utilities provider’s stock worth $5,103,000 after purchasing an additional 9,258 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in MYR Group by 18.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 12,779 shares of the utilities provider’s stock worth $360,000 after purchasing an additional 2,028 shares during the period. Finally, Texas Permanent School Fund grew its holdings in MYR Group by 4.0% during the fourth quarter. Texas Permanent School Fund now owns 10,840 shares of the utilities provider’s stock worth $305,000 after purchasing an additional 417 shares during the period. Institutional investors and hedge funds own 88.73% of the company’s stock.
Shares of NASDAQ:MYRG opened at $36.67 on Wednesday. MYR Group Inc has a 12-month low of $26.24 and a 12-month high of $40.81. The company has a market cap of $604.40 million, a PE ratio of 19.61 and a beta of 0.63. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.68 and a quick ratio of 1.68.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings data on Wednesday, March 6th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. MYR Group had a return on equity of 9.81% and a net margin of 2.03%. The company had revenue of $446.30 million during the quarter, compared to analysts’ expectations of $394.98 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The business’s revenue was up 19.5% on a year-over-year basis. As a group, sell-side analysts predict that MYR Group Inc will post 2.34 earnings per share for the current fiscal year.
In other news, Director Gary Ronald Johnson sold 2,000 shares of MYR Group stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $36.00, for a total value of $72,000.00. Following the completion of the sale, the director now directly owns 21,424 shares in the company, valued at $771,264. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director William A. Koertner sold 2,606 shares of MYR Group stock in a transaction that occurred on Monday, February 25th. The shares were sold at an average price of $35.04, for a total transaction of $91,314.24. Following the completion of the sale, the director now owns 303,544 shares of the company’s stock, valued at $10,636,181.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,042 shares of company stock valued at $568,546. Corporate insiders own 4.50% of the company’s stock.
A number of equities analysts recently commented on the company. Zacks Investment Research upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Friday, February 1st. BidaskClub upgraded MYR Group from a “sell” rating to a “hold” rating in a report on Monday, January 7th. Finally, Robert W. Baird set a $34.00 price objective on MYR Group and gave the stock a “hold” rating in a report on Thursday, March 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $38.25.
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.
Featured Story: Portfolio Manager
Want to see what other hedge funds are holding MYRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MYR Group Inc (NASDAQ:MYRG).
Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.