Everus Construction Group, Inc. $ECG Stake Lowered by Amundi

Key Points

• Amundi reduced its Everus Construction Group stake by 25.2% in the second quarter, selling 29,228 shares and retaining 86,853 shares valued at approximately $14.4 million.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and an average price target of $169.50, although Cantor Fitzgerald lowered its target to $152 and assigned a neutral rating.
• Everus exceeded quarterly expectations, reporting $1.64 in earnings per share versus the $1.14 estimate and $1.23 billion in revenue, up 33.7% year over year.

Amundi cut its position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 25.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,853 shares of the company's stock after selling 29,228 shares during the period. Amundi owned 0.17% of Everus Construction Group worth $14,413,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in ECG. Parallel Advisors LLC increased its holdings in shares of Everus Construction Group by 6.7% during the 1st quarter. Parallel Advisors LLC now owns 1,200 shares of the company's stock valued at $142,000 after acquiring an additional 75 shares during the last quarter. Root Financial Partners LLC lifted its holdings in Everus Construction Group by 126.0% in 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 last quarter. Maryland State Retirement & Pension System lifted its position in Everus Construction Group by 1.4% during the 4th quarter. Maryland State Retirement & Pension System now owns 10,379 shares of the company's stock worth $888,000 after acquiring an additional 146 shares during the last quarter. Global Retirement Partners LLC acquired a new position in shares of Everus Construction Group during the 2nd quarter worth about $28,000. Finally, Geneos Wealth Management Inc. lifted its position in shares of Everus Construction Group by 105.3% during 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 during the last quarter.

Insider Buying and Selling

In other Everus Construction Group news, Director David Sparby bought 1,000 shares of the firm's 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 owned 19,658 shares in the company, valued at approximately $2,849,427.10. The trade was a 5.36% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Paul Sanderson sold 3,300 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $136.69, for a total value of $451,077.00. Following the transaction, the vice president directly owned 18,950 shares of the company's stock, valued at approximately $2,590,275.50. This trade represents a 14.83% decrease in their position. The SEC filing for this sale provides additional information. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research raised Everus Construction Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 25th. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price on shares of Everus Construction Group in a research note on Thursday, August 6th. DA Davidson started coverage on shares of Everus Construction Group in a report on Friday, August 21st. They issued a "buy" rating and a $168.00 price target for the company. Weiss Ratings lowered Everus Construction Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday. Finally, Cantor Fitzgerald cut their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $169.50.

Everus Construction Group Stock Performance

Shares of Everus Construction Group stock opened at $119.49 on Friday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.59 and a quick ratio of 1.53. The firm has a 50 day simple moving average of $128.46 and a 200 day simple moving average of $134.27. Everus Construction Group, Inc. has a fifty-two week low of $77.67 and a fifty-two week high of $171.58. The firm has a market cap of $6.10 billion, a P/E ratio of 24.04 and a beta of 2.28.

Everus Construction Group (NYSE:ECG - Get Free Report) last announced its quarterly earnings data 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 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 company's quarterly revenue was up 33.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.03 EPS. Sell-side analysts predict that Everus Construction Group, Inc. will post 5.25 earnings per share for the current fiscal year.

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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