Arrowstreet Capital Limited Partnership Purchases 20,033 Shares of Everus Construction Group, Inc. $ECG

Key Points

• Arrowstreet Capital increased its Everus Construction Group stake by 22.3% in the first quarter, purchasing 20,033 additional shares for a total of 109,759 shares valued at approximately $12.96 million.
• Several other institutions also expanded their positions, including Royal Bank of Canada, Millennium Management, Goldman Sachs, UBS Asset Management and Jane Street Group.
• Everus reported strong quarterly results, with earnings per share of $1.14 versus the $0.81 consensus estimate and revenue up 25.4% year over year to $1.04 billion. Analysts maintain a consensus “Hold” rating with a $155.67 price target.

Arrowstreet Capital Limited Partnership raised its holdings in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 22.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 109,759 shares of the company's stock after buying an additional 20,033 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.22% of Everus Construction Group worth $12,958,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Royal Bank of Canada increased its holdings in shares of Everus Construction Group by 155.0% in the 1st quarter. Royal Bank of Canada now owns 48,839 shares of the company's stock worth $1,811,000 after buying an additional 29,689 shares during the last quarter. Millennium Management LLC raised its position in shares of Everus Construction Group by 42.7% during the 1st quarter. Millennium Management LLC now owns 244,421 shares of the company's stock valued at $9,066,000 after buying an additional 73,128 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of 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 acquiring 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 shares of 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 acquiring an additional 34,868 shares during the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Everus Construction Group by 184.4% during the 1st quarter. Jane Street Group LLC now owns 71,323 shares of the company's stock worth $2,645,000 after acquiring an additional 46,247 shares during the last quarter.

Wall Street Analyst Weigh In

ECG has been the topic of a number of research analyst reports. Zacks Research cut Everus Construction Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 27th. Guggenheim raised Everus Construction Group from a "neutral" rating to a "buy" rating and set a $160.00 price target for the company in a research note on Thursday, April 30th. Oppenheimer began coverage on Everus Construction Group in a report on Thursday, May 28th. They issued an "outperform" rating and a $185.00 price objective for the company. Stifel Nicolaus set a $172.00 price objective on Everus Construction Group in a report on Friday, May 8th. Finally, Cantor Fitzgerald increased their price objective on Everus Construction Group from $115.00 to $174.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $155.67.

Everus Construction Group Price Performance

ECG stock opened at $125.39 on Friday. The stock has a market capitalization of $6.40 billion, a price-to-earnings ratio of 28.76 and a beta of 2.23. The firm's 50-day moving average price is $144.05 and its two-hundred day moving average price is $127.70. The company has a current ratio of 1.77, a quick ratio of 1.71 and a debt-to-equity ratio of 0.38. Everus Construction Group, Inc. has a 12-month low of $68.51 and a 12-month high of $171.58.

Everus Construction Group (NYSE:ECG - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $1.14 earnings per share for the quarter, topping 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 company had revenue of $1.04 billion during the quarter, compared to analyst estimates of $933.81 million. During the same period in the prior year, the business posted $0.72 earnings per share. Everus Construction Group's revenue for the quarter was up 25.4% on a year-over-year basis. As a group, equities analysts predict that Everus Construction Group, Inc. will post 4.39 earnings per share for the current year.

Everus Construction Group 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.

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