Engineers Gate Manager LP Lowers Holdings in Everus Construction Group, Inc. $ECG

Key Points

• Engineers Gate Manager LP cut its Everus Construction Group stake by 61.7% in the second quarter, selling 27,807 shares and retaining 17,249 shares valued at approximately $2.86 million. Other institutional investors made smaller purchases or initiated positions.
• Everus reported strong quarterly results, with EPS of $1.64 versus the $1.14 consensus and revenue of $1.23 billion versus estimates of $1.08 billion. Revenue increased 33.7% year over year.
• Analyst sentiment remains favorable but mixed: the stock has a “Moderate Buy” consensus rating and a $169.50 average price target, while Cantor Fitzgerald lowered its target to $152 and insiders recorded both a vice president’s sale and a director’s purchase.

Engineers Gate Manager LP lowered its position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 61.7% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,249 shares of the company's stock after selling 27,807 shares during the quarter. Engineers Gate Manager LP's holdings in Everus Construction Group were worth $2,862,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in ECG. Geneos Wealth Management Inc. lifted its position in Everus Construction Group by 105.3% in the second quarter. Geneos Wealth Management Inc. now owns 386 shares of the company's stock valued at $25,000 after purchasing an additional 198 shares during the period. Root Financial Partners LLC increased its position 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 purchasing an additional 121 shares during the period. Global Retirement Partners LLC acquired a new position in Everus Construction Group during the 2nd quarter worth approximately $28,000. Jones Financial Companies Lllp purchased a new position in shares of Everus Construction Group during the 2nd quarter worth approximately $36,000. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Everus Construction Group during the 2nd quarter worth approximately $39,000.

Everus Construction Group Stock Up 0.1%

Shares of NYSE:ECG opened at $119.49 on Monday. The company has a quick ratio of 1.53, a current ratio of 1.59 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $6.10 billion, a P/E ratio of 24.04 and a beta of 2.28. Everus Construction Group, Inc. has a 52-week low of $77.67 and a 52-week high of $171.58. The stock's fifty day simple moving average is $128.46 and its 200-day simple moving average is $134.46.

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, topping analysts' consensus estimates of $1.14 by $0.50. The firm had revenue of $1.23 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 33.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.03 EPS. As a group, equities research analysts forecast that Everus Construction Group, Inc. will post 5.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Everus Construction Group news, VP Paul R. Sanderson sold 3,300 shares of Everus Construction Group stock in a transaction that occurred on 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 directly 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David M. Sparby bought 1,000 shares of the stock in a transaction on Monday, August 17th. The stock was purchased at an average cost of $144.95 per share, with a total value of $144,950.00. Following the completion of the purchase, the director directly owned 19,658 shares in the company, valued at $2,849,427.10. This trade represents a 5.36% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ECG shares. Cantor Fitzgerald decreased their price target on Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Freedom Capital upgraded shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 6th. Weiss Ratings cut shares of Everus Construction Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday. Zacks Research upgraded shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $169.50.

Everus Construction Group Company 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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