Analysts Anticipate MYR Group Inc. (NASDAQ:MYRG) to Post $0.56 Earnings Per Share

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Brokerages expect MYR Group Inc. (NASDAQ:MYRG) to post earnings per share (EPS) of $0.56 for the current quarter, Zacks reports. Two analysts have provided estimates for MYR Group’s earnings. MYR Group reported earnings of $0.59 per share during the same quarter last year, which indicates a negative year-over-year growth rate of 5.1%. The business is expected to report its next earnings results on Wednesday, May 5th.

On average, analysts expect that MYR Group will report full-year earnings of $3.56 per share for the current financial year, with EPS estimates ranging from $3.41 to $3.82. For the next year, analysts anticipate that the business will report earnings of $4.02 per share, with EPS estimates ranging from $3.72 to $4.23. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that follow MYR Group.

MYR Group (NASDAQ:MYRG) last announced its quarterly earnings data 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 firm had revenue of $607.97 million for the quarter, compared to analysts’ expectations of $572.65 million. MYR Group had a return on equity of 13.89% and a net margin of 2.41%.

Separately, Zacks Investment Research raised shares of MYR Group from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock 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. The company presently has an average rating of “Buy” and an average price target of $46.60.

MYRG traded up $0.36 on Thursday, hitting $73.94. 3,103 shares of the company were exchanged, compared to its average volume of 147,147. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.43 and a current ratio of 1.43. MYR Group has a 12 month low of $22.22 and a 12 month high of $76.23. The firm has a fifty 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 PE ratio of 23.21 and a beta of 1.01.

In other MYR Group news, Director William A. Koertner sold 10,000 shares of the business’s stock in a transaction on Thursday, March 11th. The shares were sold at an average price of $69.13, for a total transaction of $691,300.00. Following the transaction, the director now directly owns 153,317 shares of the company’s stock, valued at approximately $10,598,804.21. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.00% of the company’s stock.

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

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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