$400.47 Million in Sales Expected for MYR Group Inc (MYRG) This Quarter

Equities analysts predict that MYR Group Inc (NASDAQ:MYRG) will announce sales of $400.47 million for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for MYR Group’s earnings, with the lowest sales estimate coming in at $375.06 million and the highest estimate coming in at $420.10 million. MYR Group posted sales of $373.50 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 7.2%. The company is expected to announce its next quarterly earnings results on Wednesday, March 6th.

According to Zacks, analysts expect that MYR Group will report full year sales of $1.49 billion for the current financial year, with estimates ranging from $1.46 billion to $1.51 billion. For the next financial year, analysts expect that the company will post sales of $1.65 billion, with estimates ranging from $1.60 billion to $1.71 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover MYR Group.

MYR Group (NASDAQ:MYRG) last posted its quarterly earnings results on Wednesday, October 31st. The utilities provider reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.06). MYR Group had a return on equity of 8.49% and a net margin of 2.33%. The firm had revenue of $399.50 million for the quarter, compared to the consensus estimate of $404.01 million. During the same period in the previous year, the company posted $0.31 EPS. MYR Group’s quarterly revenue was up 6.4% compared to the same quarter last year.

A number of equities analysts have recently issued reports on the company. Robert W. Baird downgraded MYR Group from an “outperform” rating to a “neutral” rating in a research report on Friday, August 3rd. B. Riley dropped their price target on MYR Group from $40.00 to $39.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 7th. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 10th. BidaskClub raised MYR Group from a “sell” rating to a “hold” rating in a research report on Tuesday, October 9th. Finally, Citigroup downgraded MYR Group to a “sell” rating in a research report on Monday, November 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the stock. MYR Group currently has an average rating of “Hold” and an average target price of $40.00.

Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC bought a new stake in MYR Group during the second quarter valued at about $150,000. Alambic Investment Management L.P. bought a new stake in MYR Group during the second quarter valued at about $209,000. Victory Capital Management Inc. boosted its position in MYR Group by 7.6% during the second quarter. Victory Capital Management Inc. now owns 1,288,018 shares of the utilities provider’s stock valued at $45,673,000 after purchasing an additional 91,219 shares in the last quarter. Legal & General Group Plc boosted its position in MYR Group by 6.9% during the second quarter. Legal & General Group Plc now owns 32,582 shares of the utilities provider’s stock valued at $1,151,000 after purchasing an additional 2,105 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its position in MYR Group by 17,225.7% during the second quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock valued at $215,000 after purchasing an additional 6,029 shares in the last quarter. 87.29% of the stock is currently owned by institutional investors.

Shares of MYRG traded down $1.32 during midday trading on Wednesday, reaching $32.55. 65,633 shares of the stock were exchanged, compared to its average volume of 66,022. MYR Group has a 52 week low of $28.93 and a 52 week high of $40.81. The company has a current ratio of 1.69, a quick ratio of 1.69 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $566.35 million, a price-to-earnings ratio of 40.19 and a beta of 0.35.

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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Earnings History and Estimates for MYR Group (NASDAQ:MYRG)

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