Bank of New York Mellon Corp Purchases Shares of 278,463 Everus Construction Group, Inc. $ECG

Key Points

• Bank of New York Mellon purchased 278,463 shares of Everus Construction Group in the second quarter, establishing a position valued at approximately $46.2 million and representing 0.55% ownership.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $169.50, despite one brokerage lowering its target to $152.
• Everus reported strong quarterly results, posting $1.64 in EPS versus a $1.14 estimate and revenue of $1.23 billion, up 33.7% year over year.

Bank of New York Mellon Corp purchased a new position in Everus Construction Group, Inc. (NYSE:ECG - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 278,463 shares of the company's stock, valued at approximately $46,211,000. Bank of New York Mellon Corp owned 0.55% of Everus Construction Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in ECG. Root Financial Partners LLC raised its stake in Everus Construction Group by 126.0% during the 1st quarter. Root Financial Partners LLC now owns 217 shares of the company's stock worth $26,000 after buying an additional 121 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Everus Construction Group by 105.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock worth $25,000 after purchasing an additional 198 shares in the last quarter. McMillan Office Inc. bought a new position in shares of Everus Construction Group in the 4th quarter worth $43,000. Ballast Advisors LLC acquired a new stake in Everus Construction Group in the 1st quarter valued at $84,000. Finally, Arcadia Investment Management Corp MI acquired a new stake in Everus Construction Group in the 4th quarter valued at $74,000.

Analysts Set New Price Targets

Several brokerages recently weighed in on ECG. Oppenheimer reaffirmed an "outperform" rating and issued a $200.00 price target on shares of Everus Construction Group in a research report on Thursday, August 6th. Guggenheim increased their target price on shares of Everus Construction Group from $160.00 to $184.00 and gave the company a "buy" rating in a report on Thursday, August 6th. DA Davidson assumed coverage on shares of Everus Construction Group in a research report on Friday, August 21st. They set a "buy" rating and a $168.00 price target on the stock. Cantor Fitzgerald cut their price target on shares of Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Finally, Freedom Capital raised shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $169.50.

Insiders Place Their Bets

In other news, Director David M. Sparby acquired 1,000 shares of the business's stock in a transaction dated Monday, August 17th. The stock was bought at an average cost of $144.95 per share, for a total transaction of $144,950.00. Following the completion of the transaction, the director owned 19,658 shares of the company's stock, valued at $2,849,427.10. The trade was a 5.36% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paul R. Sanderson sold 3,300 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the vice president owned 18,950 shares of the company's stock, 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 Trading Up 0.1%

Shares of ECG opened at $121.25 on Friday. The business has a 50-day moving average of $137.10 and a 200 day moving average of $133.46. Everus Construction Group, Inc. has a fifty-two week low of $73.00 and a fifty-two week high of $171.58. The firm has a market cap of $6.19 billion, a P/E ratio of 24.40 and a beta of 2.37. 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 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. 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 during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the company earned $1.03 earnings per share. The company's revenue was up 33.7% on a year-over-year basis. As a group, research analysts forecast that Everus Construction Group, Inc. will post 5.25 EPS for the current year.

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.

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