Everus Construction Group, Inc. $ECG Shares Sold by Swedbank AB

Key Points

• Swedbank AB cut its Everus Construction Group stake by 16.7% in the first quarter, selling 60,000 shares and leaving it with 300,000 shares valued at about $35.4 million.
• Wall Street sentiment is mixed but improving, with recent actions including Guggenheim’s upgrade to Buy, Oppenheimer’s Outperform initiation, and Zacks’ move to Strong Buy; the consensus rating is now Moderate Buy with a $155.67 price target.
• Everus posted stronger-than-expected quarterly results, reporting EPS of $1.14 versus estimates of $0.81 and revenue of $1.04 billion versus expectations of $933.8 million, with revenue up 25.4% year over year.

Swedbank AB lessened its holdings in Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 16.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 300,000 shares of the company's stock after selling 60,000 shares during the period. Swedbank AB owned about 0.59% of Everus Construction Group worth $35,418,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. purchased a new stake in Everus Construction Group during the 1st quarter worth $3,054,000. Whittier Trust Co. purchased a new position in Everus Construction Group in the first quarter valued at about $5,737,000. Praxis Investment Management Inc. acquired a new position in shares of Everus Construction Group during the first quarter worth about $226,000. HB Wealth Management LLC acquired a new position in shares of Everus Construction Group during the first quarter worth about $217,000. Finally, Moran Wealth Management LLC purchased a new stake in shares of Everus Construction Group in the first quarter worth about $389,000.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Guggenheim upgraded Everus Construction Group from a "neutral" rating to a "buy" rating and set a $160.00 target price on the stock in a report on Thursday, April 30th. Oppenheimer assumed coverage on Everus Construction Group in a report on Thursday, May 28th. They issued an "outperform" rating and a $185.00 price target for the company. Glj Research started coverage on shares of Everus Construction Group in a research report on Monday, April 20th. They issued a "hold" rating and a $141.00 price objective for the company. Stifel Nicolaus set a $172.00 price objective on shares of Everus Construction Group in a research note on Friday, May 8th. Finally, Zacks Research upgraded shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $155.67.

Everus Construction Group Stock Up 0.5%

Shares of Everus Construction Group stock opened at $134.15 on Thursday. The business has a 50-day moving average of $151.89 and a 200-day moving average of $122.88. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.77 and a quick ratio of 1.71. The company has a market capitalization of $6.85 billion, a PE ratio of 30.77 and a beta of 2.23. Everus Construction Group, Inc. has a 1-year low of $65.27 and a 1-year high of $171.58.

Everus Construction Group (NYSE:ECG - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $1.14 EPS for the quarter, topping the consensus estimate of $0.81 by $0.33. The business had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $933.81 million. Everus Construction Group had a return on equity of 37.17% and a net margin of 5.65%.The company's revenue was up 25.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.72 earnings per share. As a group, equities analysts forecast that Everus Construction Group, Inc. will post 4.39 EPS for the current fiscal 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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