MYR Group Inc (MYRG) Expected to Post Quarterly Sales of $375.20 Million

Analysts predict that MYR Group Inc (NASDAQ:MYRG) will post $375.20 million in sales for the current fiscal quarter, according to Zacks. Four analysts have made estimates for MYR Group’s earnings, with estimates ranging from $366.30 million to $379.01 million. MYR Group posted sales of $343.66 million in the same quarter last year, which suggests a positive year over year growth rate of 9.2%. The firm is expected to report its next quarterly earnings report on Thursday, March 8th.

On average, analysts expect that MYR Group will report full year sales of $375.20 million for the current financial year, with estimates ranging from $1.40 billion to $1.41 billion. For the next financial year, analysts anticipate that the business will report sales of $1.47 billion per share, with estimates ranging from $1.45 billion to $1.50 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover MYR Group.

Several research analysts have recently issued reports on the company. Zacks Investment Research upgraded MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a research note on Wednesday, January 3rd. KeyCorp restated a “hold” rating on shares of MYR Group in a research note on Friday, November 24th. Robert W. Baird set a $41.00 price objective on MYR Group and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. BidaskClub cut MYR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, December 15th. Finally, ValuEngine cut MYR Group from a “hold” rating to a “sell” rating in a research note on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. MYR Group has a consensus rating of “Hold” and an average price target of $34.83.

MYR Group (NASDAQ MYRG) opened at $33.86 on Thursday. MYR Group has a 12 month low of $23.00 and a 12 month high of $43.77. The stock has a market capitalization of $547.36, a PE ratio of 36.41 and a beta of 0.41. The company has a quick ratio of 1.84, a current ratio of 1.84 and a debt-to-equity ratio of 0.30.

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada raised its position in MYR Group by 11.4% during the second quarter. Royal Bank of Canada now owns 8,325 shares of the utilities provider’s stock valued at $258,000 after acquiring an additional 852 shares in the last quarter. Voya Investment Management LLC raised its position in MYR Group by 11.0% during the second quarter. Voya Investment Management LLC now owns 9,520 shares of the utilities provider’s stock valued at $295,000 after acquiring an additional 941 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in MYR Group by 14.0% during the second quarter. The Manufacturers Life Insurance Company now owns 13,315 shares of the utilities provider’s stock valued at $413,000 after acquiring an additional 1,631 shares in the last quarter. California Public Employees Retirement System raised its position in MYR Group by 4.6% during the fourth quarter. California Public Employees Retirement System now owns 44,951 shares of the utilities provider’s stock valued at $1,606,000 after acquiring an additional 1,997 shares in the last quarter. Finally, US Bancorp DE raised its position in MYR Group by 9.8% during the fourth quarter. US Bancorp DE now owns 23,008 shares of the utilities provider’s stock valued at $822,000 after acquiring an additional 2,049 shares in the last quarter. Institutional investors own 91.41% of the company’s stock.

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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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