Brokerages Anticipate MYR Group, Inc. (MYRG) Will Post Quarterly Sales of $339.00 Million
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.
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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.
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