Lord Abbett & CO. LLC Invests $2.43 Million in Everus Construction Group, Inc. (NYSE:ECG)

Key Points

• Lord Abbett & CO. LLC invested approximately $2.43 million in Everus Construction Group, acquiring 65,470 shares, representing about 0.13% ownership in the company.
• Several other institutional investors, including Principal Financial Group and GAMMA Investing LLC, have also increased their stakes in Everus, indicating a growing interest in the company.
• Analysts have mixed ratings on Everus Construction Group, with a consensus rating of "Moderate Buy" and a price target range indicating potential growth in stock value.

Lord Abbett & CO. LLC bought a new position in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 65,470 shares of the company's stock, valued at approximately $2,428,000. Lord Abbett & CO. LLC owned approximately 0.13% of Everus Construction Group at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in Everus Construction Group by 40.7% during the first quarter. Principal Financial Group Inc. now owns 347,556 shares of the company's stock worth $12,891,000 after purchasing an additional 100,551 shares in the last quarter. GAMMA Investing LLC raised its holdings in Everus Construction Group by 295.6% during the first quarter. GAMMA Investing LLC now owns 720 shares of the company's stock worth $27,000 after purchasing an additional 538 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in Everus Construction Group during the first quarter worth approximately $716,000. Arizona State Retirement System bought a new stake in Everus Construction Group during the first quarter worth approximately $515,000. Finally, Asset Management One Co. Ltd. raised its holdings in Everus Construction Group by 52.0% during the first quarter. Asset Management One Co. Ltd. now owns 70,905 shares of the company's stock worth $2,630,000 after purchasing an additional 24,263 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ECG shares. DA Davidson set a $88.00 price target on Everus Construction Group and gave the company a "neutral" rating in a report on Thursday. Stifel Nicolaus upped their price target on Everus Construction Group from $71.00 to $83.00 and gave the company a "buy" rating in a report on Friday, July 11th. Oppenheimer upped their price target on Everus Construction Group from $66.00 to $70.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Finally, Wall Street Zen raised Everus Construction Group from a "hold" rating to a "buy" rating in a report on Saturday. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.33.

Everus Construction Group Price Performance

Shares of NYSE:ECG opened at $75.55 on Friday. The company's fifty day moving average is $67.20 and its two-hundred day moving average is $54.05. The company has a quick ratio of 1.69, a current ratio of 1.77 and a debt-to-equity ratio of 0.53. Everus Construction Group, Inc. has a 12-month low of $31.38 and a 12-month high of $90.00. The company has a market cap of $3.85 billion and a P/E ratio of 23.32.

Everus Construction Group (NYSE:ECG - Get Free Report) last announced its earnings results on Tuesday, August 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.42. Everus Construction Group had a net margin of 5.07% and a return on equity of 35.83%. The company had revenue of $921.47 million for the quarter, compared to the consensus estimate of $749.12 million. Everus Construction Group's revenue for the quarter was up 31.0% on a year-over-year basis. Equities analysts expect that Everus Construction Group, Inc. will post 2.49 earnings per share for the current fiscal year.

Everus Construction Group Company 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.

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