Brokerages expect MYR Group, Inc. (NASDAQ:MYRG) to post $339.00 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for MYR Group’s earnings, with estimates ranging from $325.17 million to $356.51 million. MYR Group reported sales of $283.26 million in the same quarter last year, which indicates a positive year over year growth rate of 19.7%. The business is expected to announce its next quarterly earnings results on Wednesday, November 1st.

According to Zacks, analysts expect that MYR Group will report full year sales of $339.00 million for the current financial year, with estimates ranging from $1.31 billion to $1.37 billion. For the next financial year, analysts anticipate that the business will report sales of $1.41 billion per share, with estimates ranging from $1.39 billion to $1.42 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover MYR Group.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by $0.27. MYR Group had a net margin of 1.28% and a return on equity of 6.28%. The business had revenue of $356.20 million during the quarter, compared to analyst estimates of $310.57 million. During the same quarter in the prior year, the company posted $0.31 EPS. The company’s quarterly revenue was up 36.0% compared to the same quarter last year.

A number of equities research analysts have recently weighed in on MYRG shares. Robert W. Baird raised MYR Group from a “neutral” rating to an “outperform” rating and set a $41.00 target price for the company in a report on Monday, May 15th. Zacks Investment Research downgraded MYR Group from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 17th. TheStreet downgraded MYR Group from a “b-” rating to a “c” rating in a report on Tuesday, May 30th. FBR & Co reissued an “outperform” rating and set a $37.00 target price (down previously from $45.00) on shares of MYR Group in a report on Tuesday, May 16th. Finally, Canaccord Genuity dropped their target price on MYR Group from $47.00 to $35.00 and set a “buy” rating for the company in a report on Friday, August 4th. One 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. The company currently has an average rating of “Hold” and an average target price of $40.00.

ILLEGAL ACTIVITY WARNING: “Brokerages Anticipate MYR Group, Inc. (MYRG) Will Post Quarterly Sales of $339.00 Million” was first published by American Banking News and is owned by of American Banking News. If you are accessing this news story on another site, it was illegally copied and reposted in violation of international trademark & copyright legislation. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/08/17/brokerages-anticipate-myr-group-inc-myrg-will-post-quarterly-sales-of-339-00-million.html.

MYR Group (MYRG) opened at 23.58 on Thursday. MYR Group has a 52 week low of $23.50 and a 52 week high of $43.77. The stock has a 50 day moving average of $29.51 and a 200-day moving average of $34.76. The firm has a market cap of $388.86 million, a PE ratio of 23.42 and a beta of 0.35.

MYR Group announced that its board has authorized a share buyback program on Wednesday, August 2nd that permits the company to buyback $20.00 million in shares. This buyback authorization permits the utilities provider to reacquire up to 3.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

In related news, VP Gerald B. Jr. Engen sold 8,790 shares of the business’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $31.23, for a total value of $274,511.70. Following the completion of the transaction, the vice president now owns 58,295 shares of the company’s stock, valued at $1,820,552.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Gerald B. Jr. Engen sold 10,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $32.00, for a total value of $320,000.00. Following the completion of the transaction, the vice president now directly owns 48,295 shares of the company’s stock, valued at approximately $1,545,440. The disclosure for this sale can be found here. Insiders have sold 33,482 shares of company stock valued at $1,036,842 in the last three months. Insiders own 5.00% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its position in MYR Group by 16.8% in the first quarter. Ameriprise Financial Inc. now owns 150,603 shares of the utilities provider’s stock worth $6,173,000 after buying an additional 21,703 shares during the period. Karp Capital Management Corp bought a new position in MYR Group during the first quarter worth approximately $526,000. LS Investment Advisors LLC increased its position in MYR Group by 266.8% in the first quarter. LS Investment Advisors LLC now owns 2,520 shares of the utilities provider’s stock worth $103,000 after buying an additional 1,833 shares during the period. Comerica Bank increased its position in MYR Group by 3.7% in the first quarter. Comerica Bank now owns 17,706 shares of the utilities provider’s stock worth $762,000 after buying an additional 624 shares during the period. Finally, Bank of New York Mellon Corp increased its position in MYR Group by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 222,640 shares of the utilities provider’s stock worth $9,129,000 after buying an additional 16,805 shares during the period. 91.11% of the stock is 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.

Get a free copy of the Zacks research report on MYR Group (MYRG)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

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.