Hsbc Holdings PLC Increases Stake in Everus Construction Group, Inc. $ECG

Hsbc Holdings PLC lifted its position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 1,339.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 148,213 shares of the company's stock after acquiring an additional 137,914 shares during the period. Hsbc Holdings PLC owned approximately 0.29% of Everus Construction Group worth $24,421,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Everus Construction Group in the 2nd quarter worth $1,094,243,000. Wasatch Advisors LP boosted its position in shares of Everus Construction Group by 39.7% during the first quarter. Wasatch Advisors LP now owns 3,017,249 shares of the company's stock valued at $356,216,000 after buying an additional 856,912 shares during the last quarter. Invesco Ltd. boosted its position in shares of Everus Construction Group by 86.4% during the third quarter. Invesco Ltd. now owns 1,795,730 shares of the company's stock valued at $153,984,000 after buying an additional 832,389 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Everus Construction Group by 5.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,350,871 shares of the company's stock worth $85,821,000 after buying an additional 72,775 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Everus Construction Group by 109.9% in the 1st quarter. First Trust Advisors LP now owns 1,280,916 shares of the company's stock worth $151,225,000 after buying an additional 670,646 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ECG shares. DA Davidson assumed coverage on shares of Everus Construction Group in a report on Friday, August 21st. They set a "buy" rating and a $168.00 price target on the stock. Weiss Ratings reissued a "hold (c+)" rating on shares of Everus Construction Group in a report on Tuesday, August 4th. Zacks Research upgraded shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 25th. Oppenheimer restated an "outperform" rating and issued a $200.00 target price on shares of Everus Construction Group in a report on Thursday, August 6th. Finally, Guggenheim boosted their target price on shares of Everus Construction Group from $160.00 to $184.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Everus Construction Group presently has a consensus rating of "Moderate Buy" and an average target price of $169.50.

Insider Buying and Selling at Everus Construction Group

In related news, Director David Sparby purchased 1,000 shares of the business's stock in a transaction on Monday, August 17th. The stock was acquired at an average price of $144.95 per share, with a total value of $144,950.00. Following the completion of the acquisition, the director owned 19,658 shares of the company's stock, valued at approximately $2,849,427.10. This trade represents a 5.36% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Paul Sanderson sold 3,300 shares of the company's stock in a transaction dated Friday, August 7th. The stock was 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 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 SEC filing for this sale provides additional information. 0.33% of the stock is currently owned by insiders.

Everus Construction Group Trading Up 2.4%

Shares of NYSE:ECG opened at $120.07 on Wednesday. The stock's 50-day simple moving average is $130.00 and its two-hundred day simple moving average is $134.23. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 24.16 and a beta of 2.28. Everus Construction Group, Inc. has a 52-week low of $73.01 and a 52-week high of $171.58. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.53 and a current ratio of 1.59.

Everus Construction Group (NYSE:ECG - Get Free Report) last issued 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. Everus Construction Group had a net margin of 5.96% and a return on equity of 38.22%. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the business earned $1.03 EPS. The business's quarterly revenue was up 33.7% on a year-over-year basis. Analysts expect that Everus Construction Group, Inc. will post 5.25 EPS 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.

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