Equities research analysts expect MYR Group Inc (NASDAQ:MYRG) to announce $401.33 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for MYR Group’s earnings, with the highest sales estimate coming in at $414.34 million and the lowest estimate coming in at $387.50 million. MYR Group reported sales of $373.50 million during the same quarter last year, which indicates a positive year-over-year growth rate of 7.5%. The company is scheduled to announce its next earnings results on Wednesday, November 7th.
According to Zacks, analysts expect that MYR Group will report full year sales of $1.50 billion for the current financial year, with estimates ranging from $1.47 billion to $1.52 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.67 billion, with estimates ranging from $1.64 billion to $1.71 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for MYR Group.
MYR Group (NASDAQ:MYRG) last posted its earnings results on Wednesday, August 1st. The utilities provider reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. MYR Group had a return on equity of 7.81% and a net margin of 2.18%. The firm had revenue of $339.68 million during the quarter, compared to analysts’ expectations of $364.65 million. During the same period in the previous year, the firm earned $0.07 earnings per share. The company’s revenue was down 4.6% on a year-over-year basis.
MYRG has been the subject of a number of research analyst reports. BidaskClub cut MYR Group from a “sell” rating to a “strong sell” rating in a research note on Friday, September 21st. Stifel Nicolaus boosted their target price on MYR Group from $37.00 to $41.00 and gave the company a “hold” rating in a research note on Tuesday, July 10th. ValuEngine cut MYR Group from a “buy” rating to a “hold” rating in a research note on Friday, June 15th. B. Riley decreased their target price on MYR Group from $40.00 to $39.00 and set a “neutral” rating for the company in a research note on Tuesday, August 7th. Finally, Robert W. Baird reissued a “buy” rating and issued a $39.00 target price on shares of MYR Group in a research note on Thursday, August 2nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $40.60.
NASDAQ:MYRG opened at $31.98 on Friday. MYR Group has a 1 year low of $28.93 and a 1 year high of $40.81. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $540.70 million, a price-to-earnings ratio of 40.81 and a beta of 0.48.
Hedge funds have recently bought and sold shares of the company. Piedmont Investment Advisors LLC acquired a new position in shares of MYR Group during the second quarter worth about $136,000. SG Americas Securities LLC acquired a new position in shares of MYR Group during the second quarter worth about $150,000. Alambic Investment Management L.P. acquired a new position in shares of MYR Group during the second quarter worth about $209,000. Meeder Asset Management Inc. boosted its position in shares of MYR Group by 17,225.7% during the second quarter. Meeder Asset Management Inc. now owns 6,064 shares of the utilities provider’s stock worth $215,000 after buying an additional 6,029 shares during the period. Finally, Hartford Investment Management Co. acquired a new position in shares of MYR Group during the second quarter worth about $241,000. 87.67% of the stock is owned by institutional investors.
MYR Group Company Profile
MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates in two segments, Transmission and Distribution, and Commercial and Industrial. The Transmission and Distribution segment offers a range of services on electric transmission and distribution networks, and substation facilities, including design, engineering, procurement, construction, upgrade, maintenance, and repair services with primary focus on construction, maintenance, and repair to customers in the electric utility and the renewable energy industries.
Featured Story: How Do I Invest in Dividend Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for MYR Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MYR Group and related companies with MarketBeat.com's FREE daily email newsletter.