Hsbc Holdings PLC Buys New Position in Everus Construction Group, Inc. $ECG

Key Points

• HSBC Holdings acquired 148,213 Everus Construction Group shares worth approximately $24.4 million, giving it a 0.29% stake. Several other institutional investors also initiated positions during the second quarter.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $169.50, though Cantor Fitzgerald recently cut its target to $152 and rated the stock neutral.
• Everus reported strong quarterly results, with EPS of $1.64 versus the $1.14 estimate and revenue of $1.23 billion, up 33.7% year over year. Shares opened at $121.25, well below their 12-month high of $171.58.

Hsbc Holdings PLC purchased a new position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 148,213 shares of the company's stock, valued at approximately $24,421,000. Hsbc Holdings PLC owned approximately 0.29% of Everus Construction Group at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. EFG International AG purchased a new position in Everus Construction Group during the 2nd quarter worth $6,909,000. Ancora Advisors LLC bought a new stake in shares of Everus Construction Group in the 2nd quarter worth $10,093,000. Nicholas Investment Partners LP purchased a new stake in shares of Everus Construction Group in the second quarter valued at about $9,694,000. Legal & General Group Plc purchased a new stake in shares of Everus Construction Group in the second quarter valued at about $19,571,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of Everus Construction Group during the second quarter valued at about $2,513,000.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ECG. Weiss Ratings restated a "hold (c+)" rating on shares of Everus Construction Group in a report on Tuesday, August 4th. Stifel Nicolaus set a $172.00 price objective on shares of Everus Construction Group in a research note on Friday, May 8th. Cantor Fitzgerald dropped their target price on shares of Everus Construction Group from $174.00 to $152.00 and set a "neutral" rating on the stock in a research report on Thursday, August 13th. Freedom Capital upgraded Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 6th. Finally, Oppenheimer restated an "outperform" rating and issued a $200.00 target price on shares of Everus Construction Group in a research note on Thursday, August 6th. Two 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 company. According to data from MarketBeat.com, Everus Construction Group has a consensus rating of "Moderate Buy" and an average target price of $169.50.

Insider Transactions at Everus Construction Group

In other Everus Construction Group news, Director David M. Sparby acquired 1,000 shares of the company's stock in a transaction on Monday, August 17th. The shares were acquired at an average cost of $144.95 per share, with a total value of $144,950.00. Following the completion of the acquisition, 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 ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Paul R. Sanderson sold 3,300 shares of the company'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 sale, the vice president owned 18,950 shares in the company, valued at $2,590,275.50. The trade was 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 Stock Up 0.1%

ECG opened at $121.25 on Friday. Everus Construction Group, Inc. has a twelve month low of $73.00 and a twelve month high of $171.58. The company's 50-day moving average price is $137.10 and its two-hundred day moving average price is $133.46. The stock has a market cap of $6.19 billion, a price-to-earnings ratio of 24.40 and a beta of 2.37. The company has a quick ratio of 1.53, a current ratio of 1.59 and a debt-to-equity ratio of 0.34.

Everus Construction Group (NYSE:ECG - Get Free Report) last issued its quarterly 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. The company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.08 billion. Everus Construction Group had a net margin of 5.96% and a return on equity of 38.22%. Everus Construction Group'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 analysts expect that Everus Construction Group, Inc. will post 5.25 earnings per share 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.

Want to see what other hedge funds are holding ECG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Everus Construction Group, Inc. (NYSE:ECG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source