Equities analysts expect MYR Group Inc (NASDAQ:MYRG) to report sales of $400.47 million for the current quarter, according to Zacks. Four analysts have issued estimates for MYR Group’s earnings, with the highest sales estimate coming in at $420.10 million and the lowest estimate coming in at $375.06 million. MYR Group posted sales of $373.50 million in the same quarter last year, which indicates a positive year over year growth rate of 7.2%. The company is scheduled to announce its next earnings report on Wednesday, March 6th.
According to Zacks, analysts expect that MYR Group will report full-year sales of $1.49 billion for the current fiscal year, with estimates ranging from $1.46 billion to $1.51 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $1.65 billion, with estimates ranging from $1.60 billion to $1.71 billion. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for MYR Group.
MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.06). The business had revenue of $399.50 million during the quarter, compared to analysts’ expectations of $404.01 million. MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share.
A number of analysts have recently weighed in on the company. BidaskClub cut MYR Group from a “buy” rating to a “hold” rating in a research report on Saturday, November 10th. Zacks Investment Research cut MYR Group from a “hold” rating to a “sell” rating in a research report on Saturday, November 3rd. Citigroup lowered MYR Group to a “sell” rating in a research note on Monday, November 5th. Robert W. Baird set a $36.00 price objective on MYR Group and gave the company a “hold” rating in a research note on Thursday, November 1st. Finally, B. Riley reduced their price objective on MYR Group from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $40.00.
Institutional investors have recently made changes to their positions in the stock. Piedmont Investment Advisors LLC purchased a new position in shares of MYR Group in the 2nd quarter valued at about $136,000. SG Americas Securities LLC purchased a new position in shares of MYR Group in the 2nd quarter valued at about $150,000. Strs Ohio increased its stake in shares of MYR Group by 248.4% in the 3rd quarter. Strs Ohio now owns 5,574 shares of the utilities provider’s stock valued at $181,000 after purchasing an additional 3,974 shares in the last quarter. Jefferies Group LLC purchased a new position in shares of MYR Group in the 3rd quarter valued at about $202,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of MYR Group in the 3rd quarter valued at about $206,000. Hedge funds and other institutional investors own 89.60% of the company’s stock.
Shares of NASDAQ:MYRG traded down $1.64 on Friday, reaching $29.08. The company had a trading volume of 94,347 shares, compared to its average volume of 76,664. MYR Group has a 52-week low of $28.81 and a 52-week high of $40.81. The company has a market capitalization of $518.48 million, a PE ratio of 35.90 and a beta of 0.36. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.28.
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 and the renewable energy industries.
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