Everus Construction Group (NYSE:ECG) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded Everus Construction Group from “strong buy” to “hold,” bringing the analyst consensus to “hold” with a $155.67 target price.
• ECG shares opened at $117.12, down 8.2%, well below the 50-day moving average of $145.85 and the 52-week high of $171.58.
• The company exceeded quarterly expectations, reporting $1.14 in EPS versus $0.81 expected and $1.04 billion in revenue, up 25.4% year over year.

Everus Construction Group (NYSE:ECG - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued to investors on Monday,Zacks.com reports.

ECG has been the topic of a number of other research reports. Weiss Ratings upgraded Everus Construction Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, May 7th. Freedom Capital lowered shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 6th. Stifel Nicolaus set a $172.00 price target on shares of Everus Construction Group in a research note on Friday, May 8th. Glj Research assumed coverage on shares of Everus Construction Group in a research report on Monday, April 20th. They issued a "hold" rating and a $141.00 price objective for the company. Finally, Guggenheim upgraded shares of Everus Construction Group from a "neutral" rating to a "buy" rating and set a $160.00 price objective on the stock in a research note on Thursday, April 30th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $155.67.

Everus Construction Group Trading Down 8.2%

Everus Construction Group stock opened at $117.12 on Monday. The firm has a 50-day moving average of $145.85 and a 200-day moving average of $127.30. Everus Construction Group has a one year low of $68.51 and a one year high of $171.58. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.77 and a quick ratio of 1.71. The company has a market cap of $5.98 billion, a price-to-earnings ratio of 26.86 and a beta of 2.23.

Everus Construction Group (NYSE:ECG - Get Free Report) last released its earnings results on Tuesday, May 5th. The company reported $1.14 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.33. Everus Construction Group had a return on equity of 37.17% and a net margin of 5.65%.The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $933.81 million. During the same quarter in the previous year, the business earned $0.72 earnings per share. Everus Construction Group's quarterly revenue was up 25.4% on a year-over-year basis. On average, equities analysts expect that Everus Construction Group will post 4.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Everus Construction Group

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in shares of Everus Construction Group by 155.0% during the first quarter. Royal Bank of Canada now owns 48,839 shares of the company's stock worth $1,811,000 after acquiring an additional 29,689 shares during the period. Millennium Management LLC increased its stake in shares of Everus Construction Group by 42.7% during the first quarter. Millennium Management LLC now owns 244,421 shares of the company's stock worth $9,066,000 after purchasing an additional 73,128 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Everus Construction Group by 74.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 178,790 shares of the company's stock worth $6,631,000 after purchasing an additional 76,252 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Everus Construction Group by 33.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 140,397 shares of the company's stock worth $5,207,000 after purchasing an additional 34,868 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in Everus Construction Group by 184.4% in the 1st quarter. Jane Street Group LLC now owns 71,323 shares of the company's stock valued at $2,645,000 after purchasing an additional 46,247 shares during the period.

Everus Construction Group Company Profile

Everus Construction Group is providing a full spectrum of construction services through its electrical and mechanical and transmission and distribution specialty contracting services principally in United States. Its specialty contracting services are provided to utility, transportation, commercial, industrial, institutional, renewable and other customers. Everus Construction Group is based in BISMARCK, N.D.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.