Zacks: Brokerages Expect MYR Group, Inc. (NASDAQ:MYRG) Will Post Quarterly Sales of $311.98 Million
Wall Street analysts forecast that MYR Group, Inc. (NASDAQ:MYRG) will post sales of $311.98 million for the current fiscal quarter, according to Zacks. Four analysts have issued estimates for MYR Group’s earnings. The highest sales estimate is $321.99 million and the lowest is $300.62 million. MYR Group posted sales of $261.93 million in the same quarter last year, which suggests a positive year over year growth rate of 19.1%. The company is scheduled to issue its next quarterly earnings results on Wednesday, August 2nd.
On average, analysts expect that MYR Group will report full-year sales of $311.98 million for the current year, with estimates ranging from $1.26 billion to $1.31 billion. For the next year, analysts expect that the company will post sales of $1.37 billion per share, with estimates ranging from $1.33 billion to $1.42 billion. Zacks’ sales averages are an average based on a survey of analysts that follow MYR Group.
MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 3rd. The utilities provider reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by $0.22. MYR Group had a return on equity of 8.08% and a net margin of 1.74%. The business had revenue of $300.13 million for the quarter, compared to analyst estimates of $300.97 million.
Several research firms have recently weighed in on MYRG. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 30th. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 17th. FBR & Co reiterated an “outperform” rating and set a $37.00 price objective (down from $45.00) on shares of MYR Group in a research report on Tuesday, May 16th. Finally, Robert W. Baird upgraded shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price objective for the company in a research report on Monday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $37.80.
COPYRIGHT VIOLATION NOTICE: This story was first published by American Banking News and is owned by of American Banking News. If you are reading this story on another publication, it was illegally copied and reposted in violation of international trademark and copyright law. The legal version of this story can be viewed at https://www.americanbankingnews.com/2017/07/06/zacks-brokerages-expect-myr-group-inc-nasdaqmyrg-will-post-quarterly-sales-of-311-98-million.html.
MYR Group (NASDAQ:MYRG) traded down 0.87% during mid-day trading on Thursday, reaching $30.91. 9,356 shares of the company’s stock were exchanged. The firm has a market cap of $509.21 million, a price-to-earnings ratio of 24.93 and a beta of 0.35. The stock has a 50-day moving average of $30.07 and a 200-day moving average of $36.81. MYR Group has a 12 month low of $21.84 and a 12 month high of $43.77.
In related news, VP Gerald B. Jr. Engen sold 10,000 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the vice president now directly owns 68,295 shares of the company’s stock, valued at $2,048,850. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kenneth Michael Hartwick bought 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were bought at an average cost of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the purchase, the director now owns 2,625 shares of the company’s stock, valued at $78,172.50. The disclosure for this purchase can be found here. 5.00% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the company. First Trust Advisors LP raised its position in shares of MYR Group by 30.0% in the first quarter. First Trust Advisors LP now owns 202,580 shares of the utilities provider’s stock valued at $8,306,000 after buying an additional 46,772 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of MYR Group by 4.6% in the first quarter. Great West Life Assurance Co. Can now owns 22,086 shares of the utilities provider’s stock valued at $905,000 after buying an additional 967 shares in the last quarter. Fisher Asset Management LLC raised its position in shares of MYR Group by 52.3% in the first quarter. Fisher Asset Management LLC now owns 73,100 shares of the utilities provider’s stock valued at $2,997,000 after buying an additional 25,094 shares in the last quarter. Nationwide Fund Advisors raised its position in shares of MYR Group by 47.9% in the first quarter. Nationwide Fund Advisors now owns 50,964 shares of the utilities provider’s stock valued at $2,090,000 after buying an additional 16,495 shares in the last quarter. Finally, Bank of Montreal Can raised its position in shares of MYR Group by 24.9% in the first quarter. Bank of Montreal Can now owns 59,468 shares of the utilities provider’s stock valued at $2,438,000 after buying an additional 11,847 shares in the last quarter. 88.74% of the stock is currently owned by institutional investors and hedge funds.
MYR Group Company Profile
MYR Group Inc is a holding company. The Company, through its subsidiaries, provides specialty electrical construction services. The Company performs construction services in two segments: Transmission and Distribution (T&D), and Commercial and Industrial (C&I). The Company provides C&I electrical contracting services to general contractors, commercial and industrial facility owners, local governments and developers in the western and northeastern United States and western Canada.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MYR Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.