$375.20 Million in Sales Expected for MYR Group Inc (MYRG) This Quarter

Equities analysts expect that MYR Group Inc (NASDAQ:MYRG) will post $375.20 million in sales for the current quarter, according to Zacks. Four analysts have made estimates for MYR Group’s earnings, with the lowest sales estimate coming in at $366.30 million and the highest estimate coming in at $379.01 million. MYR Group posted sales of $343.66 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 9.2%. The company is scheduled to announce its next quarterly earnings report on Thursday, March 8th.

According to Zacks, analysts expect that MYR Group will report full-year sales of $375.20 million for the current year, with estimates ranging from $1.40 billion to $1.41 billion. For the next year, analysts anticipate that the firm will post sales of $1.47 billion per share, with estimates ranging from $1.45 billion to $1.50 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that cover MYR Group.

MYR Group (NASDAQ:MYRG) last released its earnings results on Wednesday, November 1st. The utilities provider reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.17). The business had revenue of $373.50 million during the quarter, compared to the consensus estimate of $350.80 million. MYR Group had a net margin of 1.12% and a return on equity of 5.76%. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.38 EPS.

A number of brokerages have recently commented on MYRG. BidaskClub downgraded shares of MYR Group from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a research report on Wednesday, January 3rd. Robert W. Baird set a $41.00 price objective on shares of MYR Group and gave the company a “buy” rating in a research report on Wednesday, January 3rd. B. Riley reissued a “neutral” rating on shares of MYR Group in a research report on Wednesday, November 1st. Finally, KeyCorp reissued a “hold” rating on shares of MYR Group in a research report on Friday, November 24th. Five analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $34.83.

MYR Group (MYRG) traded up $1.41 during trading on Friday, reaching $35.34. 100,700 shares of the company were exchanged, compared to its average volume of 108,137. MYR Group has a 1-year low of $23.00 and a 1-year high of $43.77. The company has a market capitalization of $568.10, a P/E ratio of 37.60 and a beta of 0.47. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.30.

Several institutional investors and hedge funds have recently made changes to their positions in MYRG. Macquarie Group Ltd. lifted its stake in shares of MYR Group by 14.2% during the 3rd quarter. Macquarie Group Ltd. now owns 864,492 shares of the utilities provider’s stock worth $25,191,000 after buying an additional 107,417 shares during the last quarter. Tygh Capital Management Inc. acquired a new stake in shares of MYR Group during the 3rd quarter worth about $3,048,000. Thrivent Financial For Lutherans lifted its stake in shares of MYR Group by 65.4% during the 2nd quarter. Thrivent Financial For Lutherans now owns 219,930 shares of the utilities provider’s stock worth $6,822,000 after buying an additional 86,980 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of MYR Group by 182.8% during the 3rd quarter. Victory Capital Management Inc. now owns 120,136 shares of the utilities provider’s stock worth $3,501,000 after buying an additional 77,654 shares during the last quarter. Finally, Rice Hall James & Associates LLC acquired a new stake in shares of MYR Group during the 3rd quarter worth about $1,554,000. 87.16% of the stock is owned by institutional investors.

COPYRIGHT VIOLATION WARNING: “$375.20 Million in Sales Expected for MYR Group Inc (MYRG) This Quarter” was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are accessing this news story on another domain, it was illegally stolen and reposted in violation of U.S. and international trademark and copyright law. The original version of this news story can be read at https://ledgergazette.com/2018/01/12/375-20-million-in-sales-expected-for-myr-group-inc-myrg-this-quarter.html.

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.

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.

Leave a Reply