Handelsbanken Fonder AB Sells 91,017 Shares of Everus Construction Group, Inc. $ECG

Key Points

• Handelsbanken Fonder AB cut its Everus Construction Group stake by 48.2%, selling 91,017 shares in the second quarter and retaining 97,983 shares valued at $16.26 million.
• Analysts maintain a generally positive view, with ECG carrying a “Moderate Buy” consensus rating and an average price target of $162.17; targets range as high as $200.
• Everus reported strong quarterly results, with EPS of $1.64 beating estimates by $0.50 and revenue rising 33.7% year over year to $1.23 billion. Shares recently opened at $140.23.

Handelsbanken Fonder AB reduced its holdings in Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 48.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 97,983 shares of the company's stock after selling 91,017 shares during the quarter. Handelsbanken Fonder AB owned 0.19% of Everus Construction Group worth $16,260,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. grew its position 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 valued at $25,000 after purchasing 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 buying an additional 121 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Everus Construction Group during the fourth quarter worth $30,000. McMillan Office Inc. acquired a new stake in shares of Everus Construction Group during the fourth quarter worth $43,000. Finally, Arcadia Investment Management Corp MI bought a new stake in Everus Construction Group in the 4th quarter valued at $74,000.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ECG shares. Oppenheimer reiterated an "outperform" rating and set a $200.00 target price on shares of Everus Construction Group in a report on Thursday, August 6th. Stifel Nicolaus set a $172.00 target price on Everus Construction Group in a research report on Friday, May 8th. Guggenheim boosted their target price on Everus Construction Group from $160.00 to $184.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Freedom Capital raised shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of Everus Construction Group from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. 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 stock. According to MarketBeat.com, Everus Construction Group presently has an average rating of "Moderate Buy" and an average price target of $162.17.

Insider Buying and Selling at Everus Construction Group

In other Everus Construction Group news, VP Paul R. Sanderson sold 3,300 shares of the business'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 transaction of $451,077.00. Following the transaction, the vice president owned 18,950 shares of the company's stock, valued at $2,590,275.50. The trade was a 14.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.33% of the stock is owned by company insiders.

Everus Construction Group Price Performance

Shares of NYSE ECG opened at $140.23 on Thursday. The stock has a market capitalization of $7.16 billion, a price-to-earnings ratio of 28.22 and a beta of 2.37. The business has a 50-day moving average of $141.91 and a 200-day moving average of $130.59. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.59 and a quick ratio of 1.53. Everus Construction Group, Inc. has a fifty-two week low of $72.43 and a fifty-two week high of $171.58.

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