MYR Group Inc. (NASDAQ:MYRG) Expected to Post Quarterly Sales of $512.46 Million

Brokerages expect that MYR Group Inc. (NASDAQ:MYRG) will announce sales of $512.46 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for MYR Group’s earnings. The lowest sales estimate is $498.43 million and the highest is $526.50 million. MYR Group reported sales of $518.47 million in the same quarter last year, which indicates a negative year over year growth rate of 1.2%. The business is expected to announce its next earnings results on Wednesday, May 5th.

According to Zacks, analysts expect that MYR Group will report full-year sales of $2.29 billion for the current financial year, with estimates ranging from $2.26 billion to $2.31 billion. For the next financial year, analysts expect that the firm will report sales of $2.39 billion, with estimates ranging from $2.36 billion to $2.42 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for MYR Group.

MYR Group (NASDAQ:MYRG) last issued its quarterly earnings results on Tuesday, March 2nd. The utilities provider reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.79 by $0.28. The business had revenue of $607.97 million for the quarter, compared to analyst estimates of $572.65 million. MYR Group had a net margin of 2.41% and a return on equity of 13.89%.

Separately, Zacks Investment Research upgraded shares of MYR Group from a “hold” rating to a “buy” rating and set a $70.00 price objective for the company in a research note on Tuesday, March 9th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $46.60.

In other news, Director William A. Koertner sold 10,000 shares of the stock in a transaction dated Thursday, March 11th. The shares were sold at an average price of $69.13, for a total transaction of $691,300.00. Following the sale, the director now directly owns 153,317 shares of the company’s stock, valued at approximately $10,598,804.21. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 4.00% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in MYRG. UBS Asset Management Americas Inc. raised its position in MYR Group by 89.1% during the fourth quarter. UBS Asset Management Americas Inc. now owns 23,733 shares of the utilities provider’s stock worth $1,426,000 after acquiring an additional 11,184 shares during the period. Principal Financial Group Inc. lifted its stake in MYR Group by 229.8% in the 4th quarter. Principal Financial Group Inc. now owns 394,181 shares of the utilities provider’s stock valued at $23,690,000 after buying an additional 274,663 shares in the last quarter. Truist Financial Corp boosted its holdings in MYR Group by 81.3% in the 4th quarter. Truist Financial Corp now owns 12,896 shares of the utilities provider’s stock worth $775,000 after buying an additional 5,781 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in MYR Group during the 4th quarter worth approximately $1,406,000. Finally, Paloma Partners Management Co acquired a new position in shares of MYR Group during the fourth quarter valued at approximately $234,000. 85.82% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:MYRG traded up $0.36 during trading on Friday, hitting $73.94. The stock had a trading volume of 3,103 shares, compared to its average volume of 147,147. The stock has a 50-day simple moving average of $66.34 and a two-hundred day simple moving average of $55.74. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 23.21 and a beta of 1.01. MYR Group has a 12-month low of $22.22 and a 12-month high of $76.23. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.16.

MYR Group Company Profile

MYR Group Inc, through its subsidiaries, provides electrical construction services in the United States and Canada. It operates through two segments, Transmission and Distribution, and Commercial and Industrial. The company's 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.

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