Bank of America Corp DE Makes New $39.78 Million Investment in Everus Construction Group, Inc. $ECG

Bank of America Corp DE acquired a new stake in Everus Construction Group, Inc. (NYSE:ECG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 239,733 shares of the company's stock, valued at approximately $39,784,000. Bank of America Corp DE owned 0.47% of Everus Construction Group at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Parallel Advisors LLC increased its holdings in Everus Construction Group by 6.7% in the first quarter. Parallel Advisors LLC now owns 1,200 shares of the company's stock valued at $142,000 after buying an additional 75 shares during the last quarter. Root Financial Partners LLC raised its stake in Everus Construction Group by 126.0% in the first quarter. Root Financial Partners LLC now owns 217 shares of the company's stock valued at $26,000 after buying an additional 121 shares in the last quarter. Global Retirement Partners LLC purchased a new stake in Everus Construction Group during the 2nd quarter worth about $28,000. Jones Financial Companies Lllp acquired a new position in shares of Everus Construction Group during the 2nd quarter worth about $36,000. Finally, Sierra Summit Advisors LLC boosted its position in shares of Everus Construction Group by 2.6% during the 1st quarter. Sierra Summit Advisors LLC now owns 9,685 shares of the company's stock worth $1,143,000 after acquiring an additional 242 shares in the last quarter.

Insider Transactions at Everus Construction Group

In other news, VP Paul Sanderson sold 3,300 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $136.69, for a total value of $451,077.00. Following the completion of the sale, the vice president owned 18,950 shares of the company's stock, valued at approximately $2,590,275.50. The trade was a 14.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David Sparby bought 1,000 shares of the firm's stock in a transaction dated Monday, August 17th. The stock was purchased at an average price of $144.95 per share, with a total value of $144,950.00. Following the transaction, the director owned 19,658 shares in the company, valued at approximately $2,849,427.10. This represents a 5.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

ECG has been the subject of a number of research reports. Zacks Research raised shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Weiss Ratings cut Everus Construction Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, September 9th. Cantor Fitzgerald reduced their target price on Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating for the company in a report on Thursday, August 13th. Oppenheimer reissued an "outperform" rating and issued a $200.00 target price on shares of Everus Construction Group in a research report on Thursday, August 6th. Finally, Guggenheim raised their price target on Everus Construction Group from $160.00 to $184.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Everus Construction Group has an average rating of "Moderate Buy" and a consensus target price of $169.50.

Everus Construction Group Stock Performance

Shares of ECG stock opened at $116.77 on Tuesday. The stock has a fifty day moving average price of $125.61 and a 200 day moving average price of $134.21. The stock has a market cap of $5.96 billion, a PE ratio of 23.49 and a beta of 2.28. Everus Construction Group, Inc. has a 1 year low of $77.86 and a 1 year high of $171.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.53 and a current ratio of 1.59.

Everus Construction Group (NYSE:ECG - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $1.64 EPS for the quarter, beating analysts' consensus estimates of $1.14 by $0.50. Everus Construction Group had a return on equity of 38.22% and a net margin of 5.96%.The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the company earned $1.03 earnings per share. The business's revenue for the quarter was up 33.7% compared to the same quarter last year. Sell-side analysts forecast that Everus Construction Group, Inc. will post 5.25 earnings per share for the current fiscal year.

Everus Construction Group Profile

Everus Construction Group, Inc is a U.S.-based specialty contractor that provides electrical and mechanical construction services. The company supports utility, commercial, industrial, institutional, renewable energy and infrastructure customers through the design, installation, maintenance and repair of complex construction systems.

Its electrical capabilities include overhead and underground transmission and distribution, substations, power generation, communications infrastructure and renewable energy projects.

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