Wall Street brokerages expect MYR Group, Inc. (NASDAQ:MYRG) to post sales of $318.53 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for MYR Group’s earnings. The lowest sales estimate is $298.50 million and the highest is $331.00 million. MYR Group posted sales of $300.13 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.1%. The firm is expected to announce its next quarterly earnings results on Wednesday, May 2nd.
On average, analysts expect that MYR Group will report full-year sales of $318.53 million for the current year, with estimates ranging from $1.46 billion to $1.50 billion. For the next fiscal year, analysts forecast that the firm will report sales of $1.56 billion per share, with estimates ranging from $1.51 billion to $1.60 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for MYR Group.
MYR Group (NASDAQ:MYRG) last posted its quarterly earnings data on Wednesday, March 7th. The utilities provider reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.01. MYR Group had a net margin of 1.51% and a return on equity of 4.90%. The company had revenue of $373.50 million during the quarter, compared to analysts’ expectations of $373.85 million. During the same period in the prior year, the company posted $0.48 earnings per share. MYR Group’s revenue for the quarter was up 8.7% compared to the same quarter last year.
Several equities research analysts have recently weighed in on MYRG shares. Zacks Investment Research cut shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday, March 7th. Canaccord Genuity increased their price objective on shares of MYR Group from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, March 9th. BidaskClub cut shares of MYR Group from a “hold” rating to a “sell” rating in a report on Wednesday, February 28th. ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. Finally, Robert W. Baird set a $40.00 price target on shares of MYR Group and gave the stock a “buy” rating in a report on Wednesday, March 7th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $36.00.
In other MYR Group news, Chairman William A. Koertner sold 20,978 shares of the firm’s stock in a transaction on Friday, March 16th. The shares were sold at an average price of $35.18, for a total value of $738,006.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.90% of the company’s stock.
Large investors have recently bought and sold shares of the business. Teacher Retirement System of Texas acquired a new stake in MYR Group in the fourth quarter worth $201,000. Leucadia National Corp acquired a new stake in MYR Group in the fourth quarter worth $225,000. Municipal Employees Retirement System of Michigan grew its holdings in MYR Group by 40.0% in the third quarter. Municipal Employees Retirement System of Michigan now owns 8,020 shares of the utilities provider’s stock worth $234,000 after purchasing an additional 2,290 shares during the period. Raymond James & Associates acquired a new stake in MYR Group in the fourth quarter worth $236,000. Finally, Sei Investments Co. grew its holdings in MYR Group by 50.9% in the third quarter. Sei Investments Co. now owns 8,229 shares of the utilities provider’s stock worth $240,000 after purchasing an additional 2,774 shares during the period. Institutional investors and hedge funds own 89.43% of the company’s stock.
MYRG opened at $30.58 on Friday. MYR Group has a twelve month low of $23.00 and a twelve month high of $43.49. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.28. The firm has a market cap of $512.47, a PE ratio of 37.75 and a beta of 0.46.
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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 and the renewable energy industries.
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