Needham Investment Management LLC Buys 6,750 Shares of Everus Construction Group, Inc. $ECG

Key Points

• Needham Investment Management LLC increased its stock holdings in Everus Construction Group, Inc. by 5.9%, bringing its total ownership to 122,000 shares, valued at $4.52 million.
• Multiple hedge funds, including Westwood Holdings Group Inc. and Alliancebernstein L.P., also adjusted their positions, with significant increases in their shareholdings during the first quarter of 2023.
• Analysts have recently upgraded Everus Construction Group's ratings, with a consensus price target of $80.33, indicating a generally positive outlook for the stock.

Needham Investment Management LLC lifted its stake in shares of Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 5.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 122,000 shares of the company's stock after buying an additional 6,750 shares during the quarter. Needham Investment Management LLC owned about 0.24% of Everus Construction Group worth $4,525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of ECG. Tompkins Financial Corp purchased a new position in shares of Everus Construction Group during the first quarter valued at about $25,000. GAMMA Investing LLC increased its position in shares of Everus Construction Group by 295.6% during the first quarter. GAMMA Investing LLC now owns 720 shares of the company's stock valued at $27,000 after buying an additional 538 shares during the period. Concord Wealth Partners purchased a new position in shares of Everus Construction Group during the first quarter valued at about $31,000. Bangor Savings Bank purchased a new position in shares of Everus Construction Group during the first quarter valued at about $36,000. Finally, Garde Capital Inc. purchased a new position in shares of Everus Construction Group during the first quarter valued at about $38,000.

Analysts Set New Price Targets

ECG has been the topic of several research reports. Wall Street Zen raised shares of Everus Construction Group from a "buy" rating to a "strong-buy" rating in a research note on Saturday, September 6th. DA Davidson boosted their price objective on shares of Everus Construction Group from $68.00 to $88.00 and gave the stock a "neutral" rating in a research note on Thursday, August 14th. Stifel Nicolaus boosted their price objective on shares of Everus Construction Group from $83.00 to $88.00 and gave the stock a "buy" rating in a research note on Thursday. Oppenheimer boosted their price objective on shares of Everus Construction Group from $66.00 to $70.00 and gave the stock an "outperform" rating in a research note on Friday, July 18th. Finally, Zacks Research raised shares of Everus Construction Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $82.00.

Everus Construction Group Stock Up 1.6%

Shares of NYSE ECG traded up $1.21 during midday trading on Thursday, hitting $78.78. The stock had a trading volume of 99,373 shares, compared to its average volume of 630,778. The business's 50 day moving average is $72.77 and its 200-day moving average is $56.23. The company has a market cap of $4.02 billion and a P/E ratio of 24.32. Everus Construction Group, Inc. has a 52 week low of $31.38 and a 52 week high of $90.00. 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 (NYSE:ECG - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.42. The firm had revenue of $921.47 million for the quarter, compared to the consensus estimate of $749.12 million. Everus Construction Group had a net margin of 5.07% and a return on equity of 35.83%. The business's quarterly revenue was up 31.0% on a year-over-year basis. Everus Construction Group has set its FY 2025 guidance at EPS. As a group, analysts predict that Everus Construction Group, Inc. will post 2.49 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.