Everus Construction Group (NYSE:ECG) Lowered to Hold Rating by Freedom Capital

Key Points

• Freedom Capital downgraded Everus Construction Group from "strong-buy" to "hold", and the stock's consensus rating is now Hold with an average price target of $138.83 (three Buys, six Holds).
• Everus posted a strong quarter—$1.14 EPS vs. $0.81 expected and $1.04B revenue, up 25.4% year-over-year—but the shares traded down about 6.5% and the stock carries a P/E of 36.3 with an $8.07B market cap.
• Institutional buying has been notable, with Wasatch Advisors, Invesco and Northwestern Mutual among firms significantly increasing their stakes in the company.

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

Other research analysts have also recently issued reports about the company. Oppenheimer boosted their target price on Everus Construction Group from $120.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday. Weiss Ratings reissued a "hold (c)" rating on shares of Everus Construction Group in a research note on Tuesday, April 21st. Glj Research initiated coverage on Everus Construction Group in a research note on Monday, April 20th. They set a "hold" rating and a $141.00 target price for the company. Stifel Nicolaus boosted their price target on shares of Everus Construction Group to $153.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Finally, Zacks Research cut shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a report on Monday, April 27th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $138.83.

Everus Construction Group Trading Down 6.5%

Shares of ECG stock opened at $158.18 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.70 and a current ratio of 1.77. The stock has a market capitalization of $8.07 billion, a P/E ratio of 36.28 and a beta of 2.55. The company has a 50 day moving average price of $125.94 and a 200 day moving average price of $103.97. Everus Construction Group has a fifty-two week low of $47.12 and a fifty-two week high of $171.58.

Everus Construction Group (NYSE:ECG - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $1.14 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.33. Everus Construction Group had a net margin of 5.65% and a return on equity of 37.17%. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $933.81 million. During the same quarter in the previous year, the business posted $0.72 earnings per share. The business's quarterly revenue was up 25.4% compared to the same quarter last year. Equities research analysts predict that Everus Construction Group will post 4.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP grew its holdings in Everus Construction Group by 39.7% during the 1st quarter. Wasatch Advisors LP now owns 3,017,249 shares of the company's stock worth $356,216,000 after acquiring an additional 856,912 shares in the last quarter. Capital International Investors acquired a new position in Everus Construction Group during the 3rd quarter worth approximately $165,993,000. Invesco Ltd. grew its holdings in Everus Construction Group by 86.4% during the 3rd quarter. Invesco Ltd. now owns 1,795,730 shares of the company's stock worth $153,984,000 after acquiring an additional 832,389 shares in the last quarter. Alliancebernstein L.P. grew its holdings in Everus Construction Group by 5.7% during the 2nd quarter. Alliancebernstein L.P. now owns 1,350,871 shares of the company's stock worth $85,821,000 after acquiring an additional 72,775 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Everus Construction Group by 147,209.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,260,973 shares of the company's stock valued at $107,889,000 after buying an additional 1,260,117 shares in the last quarter.

About Everus Construction Group

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.