Bank of America Corp DE Purchases 33,793 Shares of Everus Construction Group, Inc. $ECG

Key Points

• Bank of America increased its Everus Construction Group stake by 30.5% in the first quarter, adding 33,793 shares for a total holding of 144,724 shares valued at approximately $17.1 million.
• Analysts maintain a generally positive outlook, with ECG receiving a “Moderate Buy” consensus rating and an average price target of $169.50; targets range from $168 to $200.
• Everus exceeded quarterly expectations, reporting $1.64 in EPS and $1.23 billion in revenue, while revenue rose 33.7% year over year. The stock opened at $124.71, compared with a 12-month range of $73.00 to $171.58.

Bank of America Corp DE increased its position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 30.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 144,724 shares of the company's stock after purchasing an additional 33,793 shares during the period. Bank of America Corp DE owned approximately 0.28% of Everus Construction Group worth $17,086,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ECG. Geneos Wealth Management Inc. boosted its position in Everus Construction Group by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock valued at $25,000 after buying an additional 198 shares during the period. Root Financial Partners LLC boosted its holdings 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 valued at $26,000 after purchasing an additional 121 shares during the period. McMillan Office Inc. purchased a new position in Everus Construction Group during the 4th quarter worth $43,000. Arcadia Investment Management Corp MI purchased a new position in Everus Construction Group during the 4th quarter worth $74,000. Finally, Tower Research Capital LLC TRC raised its position in Everus Construction Group by 194.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,162 shares of the company's stock valued at $74,000 after purchasing an additional 768 shares in the last quarter.

Wall Street Analysts Forecast Growth

ECG has been the subject of several recent research reports. Stifel Nicolaus set a $172.00 price objective on Everus Construction Group in a report on Friday, May 8th. Zacks Research lowered shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. DA Davidson set a $168.00 price objective on shares of Everus Construction Group in a research note on Thursday. Oppenheimer reissued an "outperform" rating and set a $200.00 price objective on shares of Everus Construction Group in a report on Thursday, August 6th. Finally, Guggenheim boosted their price objective on shares of Everus Construction Group from $160.00 to $184.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $169.50.

Insider Buying and Selling at Everus Construction Group

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

Everus Construction Group Stock Performance

Shares of ECG stock opened at $124.71 on Friday. Everus Construction Group, Inc. has a 12-month low of $73.00 and a 12-month high of $171.58. The business's fifty day simple moving average is $140.34 and its 200-day simple moving average is $132.38. The company has a current ratio of 1.59, a quick ratio of 1.53 and a debt-to-equity ratio of 0.34. The company has a market cap of $6.37 billion, a PE ratio of 25.09 and a beta of 2.37.

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

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source