Q4 2017 EPS Estimates for MYR Group, Inc. Decreased by KeyCorp (NASDAQ:MYRG)
MYR Group, Inc. (NASDAQ:MYRG) – Analysts at KeyCorp lowered their Q4 2017 EPS estimates for MYR Group in a report released on Friday. KeyCorp analyst T. Afzal now expects that the utilities provider will post earnings of $0.26 per share for the quarter, down from their previous estimate of $0.37. KeyCorp also issued estimates for MYR Group’s FY2018 earnings at $1.29 EPS.
MYR Group (NASDAQ:MYRG) last announced its earnings results on Wednesday, August 2nd. The utilities provider reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.27. The firm had revenue of $356.20 million for the quarter, compared to the consensus estimate of $310.57 million. MYR Group had a return on equity of 6.28% and a net margin of 1.28%. MYR Group’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 EPS. ILLEGAL ACTIVITY WARNING: “Q4 2017 EPS Estimates for MYR Group, Inc. Decreased by KeyCorp (NASDAQ:MYRG)” was posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another website, it was stolen and republished in violation of United States & international copyright & trademark legislation. The correct version of this story can be accessed at https://www.americanbankingnews.com/2017/08/07/q4-2017-eps-estimates-for-myr-group-inc-decreased-by-keycorp-nasdaqmyrg.html.
Several other analysts have also recently commented on MYRG. Zacks Investment Research cut shares of MYR Group from a “hold” rating to a “strong sell” rating in a research note on Saturday. Canaccord Genuity decreased their price target on shares of MYR Group from $47.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday. FBR & Co reissued an “outperform” rating and set a $37.00 price target (down from $45.00) on shares of MYR Group in a research note on Tuesday, May 16th. TheStreet cut shares of MYR Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 30th. Finally, Robert W. Baird raised shares of MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 price target on the stock in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. MYR Group presently has a consensus rating of “Hold” and an average price target of $40.00.
A number of institutional investors have recently made changes to their positions in MYRG. Principal Financial Group Inc. raised its position in shares of MYR Group by 3.9% in the first quarter. Principal Financial Group Inc. now owns 122,795 shares of the utilities provider’s stock valued at $5,035,000 after buying an additional 4,579 shares in the last quarter. LS Investment Advisors LLC raised its position in shares of MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock valued at $103,000 after buying an additional 1,833 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. Macquarie Group Ltd. raised its stake in MYR Group by 15.5% in the first quarter. Macquarie Group Ltd. now owns 685,699 shares of the utilities provider’s stock valued at $28,114,000 after buying an additional 91,962 shares during the period. Finally, Bank of Montreal Can raised its stake in 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 during the period. Institutional investors and hedge funds own 89.43% of the company’s stock.
In other MYR Group news, Director Kenneth Michael Hartwick acquired 1,000 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The shares were acquired at an average cost of $29.78 per share, for a total transaction of $29,780.00. Following the completion of the acquisition, the director now directly owns 2,625 shares of the company’s stock, valued at approximately $78,172.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William Patterson sold 3,482 shares of the stock in a transaction that occurred on Wednesday, June 7th. The shares were sold at an average price of $30.10, for a total transaction of $104,808.20. Following the completion of the transaction, the director now owns 23,934 shares in the company, valued at $720,413.40. The disclosure for this sale can be found here. Insiders sold 33,482 shares of company stock worth $1,036,842 over the last 90 days. 5.00% of the stock is currently owned by company insiders.
MYR Group announced that its board has authorized a stock buyback program on Wednesday, August 2nd that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the utilities provider to repurchase up to 3.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
About MYR Group
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.
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