MYR Group Inc (MYRG) Expected to Post Quarterly Sales of $457.43 Million

Wall Street analysts forecast that MYR Group Inc (NASDAQ:MYRG) will report sales of $457.43 million for the current fiscal quarter, according to Zacks. Four analysts have made estimates for MYR Group’s earnings, with estimates ranging from $446.30 million to $468.70 million. MYR Group reported sales of $339.68 million during the same quarter last year, which indicates a positive year-over-year growth rate of 34.7%. The company is scheduled to report its next earnings report on Wednesday, August 7th.

According to Zacks, analysts expect that MYR Group will report full-year sales of $1.83 billion for the current year, with estimates ranging from $1.81 billion to $1.87 billion. For the next year, analysts expect that the company will post sales of $1.92 billion, with estimates ranging from $1.88 billion to $1.99 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for MYR Group.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, May 1st. The utilities provider reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.05. MYR Group had a net margin of 1.98% and a return on equity of 10.32%. The company had revenue of $468.10 million for the quarter, compared to the consensus estimate of $395.83 million. During the same quarter in the previous year, the firm earned $0.34 EPS. MYR Group’s revenue was up 35.4% compared to the same quarter last year.

Several analysts have commented on the stock. ValuEngine cut shares of MYR Group from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Zacks Investment Research upgraded shares of MYR Group from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a research note on Friday, May 31st. BidaskClub cut shares of MYR Group from a “sell” rating to a “strong sell” rating in a research note on Wednesday, May 22nd. Stifel Nicolaus upgraded shares of MYR Group from a “hold” rating to a “buy” rating and boosted their target price for the company from $32.00 to $39.00 in a research note on Thursday, May 16th. Finally, Robert W. Baird set a $34.00 target price on shares of MYR Group and gave the company a “hold” rating in a research note on Thursday, March 7th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $37.25.

In other MYR Group news, SVP Gerald B. Jr. Engen sold 2,877 shares of the company’s stock in a transaction on Monday, March 11th. The shares were sold at an average price of $36.52, for a total transaction of $105,068.04. Following the completion of the transaction, the senior vice president now directly owns 48,736 shares in the company, valued at $1,779,838.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gary Ronald Johnson sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $36.00, for a total transaction of $72,000.00. Following the transaction, the director now owns 21,424 shares of the company’s stock, valued at $771,264. The disclosure for this sale can be found here. Insiders own 4.50% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. Marshall Wace North America L.P. acquired a new position in MYR Group during the first quarter worth $180,000. Marshall Wace LLP purchased a new stake in shares of MYR Group during the first quarter worth $1,973,000. Hotchkis & Wiley Capital Management LLC grew its holdings in shares of MYR Group by 29.1% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 131,916 shares of the utilities provider’s stock worth $4,568,000 after buying an additional 29,700 shares in the last quarter. Morgan Stanley grew its holdings in shares of MYR Group by 42.7% during the first quarter. Morgan Stanley now owns 36,901 shares of the utilities provider’s stock worth $1,277,000 after buying an additional 11,047 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY grew its holdings in shares of MYR Group by 199.7% during the first quarter. Metropolitan Life Insurance Co NY now owns 17,532 shares of the utilities provider’s stock worth $1,446,000 after buying an additional 11,682 shares in the last quarter. Institutional investors own 89.56% of the company’s stock.

NASDAQ MYRG traded down $0.30 on Friday, hitting $33.04. 1,285 shares of the company’s stock traded hands, compared to its average volume of 53,001. The company has a current ratio of 1.72, a quick ratio of 1.72 and a debt-to-equity ratio of 0.32. MYR Group has a 1-year low of $26.24 and a 1-year high of $40.81. The stock has a market cap of $558.08 million, a price-to-earnings ratio of 17.50 and a beta of 0.70.

About MYR Group

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 industry.

Further Reading: What are the most popular ETFs

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

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.