Algert Global LLC Boosts Stock Position in Everus Construction Group, Inc. $ECG

Key Points

• Algert Global increased its Everus Construction Group stake by 151.8% in the second quarter, acquiring 128,680 additional shares and bringing its total holdings to 213,466 shares valued at approximately $35.4 million.
• Everus reported strong quarterly results, with EPS of $1.64 versus the $1.14 consensus estimate and revenue of $1.23 billion, up 33.7% year over year and ahead of expectations.
• ECG shares opened at $120.65 after a 4.2% decline, while analysts maintained a “Moderate Buy” consensus with an average price target of $169.50; recent ratings ranged from “hold” to “outperform” and “buy.”

Algert Global LLC lifted its holdings in Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 151.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 213,466 shares of the company's stock after purchasing an additional 128,680 shares during the quarter. Everus Construction Group comprises 0.4% of Algert Global LLC's holdings, making the stock its 9th biggest position. Algert Global LLC owned approximately 0.42% of Everus Construction Group worth $35,425,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ECG. Geneos Wealth Management Inc. grew its stake in shares of Everus Construction Group by 105.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock worth $25,000 after acquiring an additional 198 shares in the last quarter. Root Financial Partners LLC lifted its position in shares of Everus Construction Group by 126.0% in the first quarter. Root Financial Partners LLC now owns 217 shares of the company's stock worth $26,000 after purchasing an additional 121 shares in the last quarter. Global Retirement Partners LLC acquired a new position in Everus Construction Group during the second quarter worth $28,000. McMillan Office Inc. bought a new position in Everus Construction Group in the fourth quarter valued at $43,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Everus Construction Group in the 2nd quarter valued at $58,000.

Everus Construction Group Trading Down 4.2%

ECG stock opened at $120.65 on Tuesday. Everus Construction Group, Inc. has a one year low of $73.00 and a one year high of $171.58. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 24.28 and a beta of 2.37. The company has a fifty day moving average price of $139.17 and a two-hundred day moving average price of $132.83. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.59 and a quick ratio of 1.53.

Everus Construction Group (NYSE:ECG - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.50. Everus Construction Group had a net margin of 5.96% and a return on equity of 38.22%. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the prior year, the firm earned $1.03 EPS. The business's revenue was up 33.7% on a year-over-year basis. Equities analysts anticipate that Everus Construction Group, Inc. will post 5.23 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ECG. Weiss Ratings restated a "hold (c+)" rating on shares of Everus Construction Group in a research note on Tuesday, August 4th. DA Davidson assumed coverage on shares of Everus Construction Group in a research note on Friday. They issued a "buy" rating and a $168.00 target price for the company. Oppenheimer restated an "outperform" rating and set a $200.00 target price on shares of Everus Construction Group in a report on Thursday, August 6th. Zacks Research cut shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Finally, Cantor Fitzgerald decreased their price objective on shares of Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating for the company in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $169.50.

Insider Buying and Selling at Everus Construction Group

In other news, Director David M. Sparby acquired 1,000 shares of the stock in a transaction on Monday, August 17th. The shares were purchased at an average price of $144.95 per share, for a total transaction of $144,950.00. Following the transaction, the director directly owned 19,658 shares of the company's stock, valued at approximately $2,849,427.10. This represents a 5.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Paul R. Sanderson sold 3,300 shares of Everus Construction Group stock in a transaction on Friday, August 7th. The stock was sold at an average price of $136.69, for a total value of $451,077.00. Following the sale, the vice president directly owned 18,950 shares of the company's stock, valued at $2,590,275.50. This represents a 14.83% decrease in their position. The SEC filing for this sale provides additional information. 0.33% of the stock is owned by company insiders.

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.