VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in Everus Construction Group, Inc. $ECG

Key Points

• Virginia Retirement Systems acquired 22,974 shares of Everus Construction Group worth approximately $3.8 million during the second quarter, joining several other institutional investors that expanded or initiated positions.
• Everus reported strong quarterly results, with EPS of $1.64 versus the $1.14 consensus estimate and revenue of $1.23 billion, up 33.7% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $169.50, compared with a recent price of $117.56.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Everus Construction Group, Inc. (NYSE:ECG - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 22,974 shares of the company's stock, valued at approximately $3,813,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. California State Teachers Retirement System lifted its position in Everus Construction Group by 15,822.6% during the second quarter. California State Teachers Retirement System now owns 9,089,247 shares of the company's stock worth $1,508,361,000 after buying an additional 9,032,163 shares in the last quarter. BlackRock Inc. acquired a new position in Everus Construction Group in the 2nd quarter valued at about $1,094,243,000. Wasatch Advisors LP acquired a new position in Everus Construction Group in the 4th quarter valued at about $184,838,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Everus Construction Group by 147,209.9% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,260,973 shares of the company's stock valued at $107,889,000 after buying an additional 1,260,117 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Everus Construction Group by 86.4% in the 3rd 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 period.

Everus Construction Group Stock Performance

NYSE:ECG opened at $117.56 on Thursday. Everus Construction Group, Inc. has a fifty-two week low of $76.55 and a fifty-two 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. The company has a 50 day moving average price of $129.32 and a 200 day moving average price of $134.32. The stock has a market capitalization of $6.00 billion, a P/E ratio of 23.65 and a beta of 2.28.

Everus Construction Group (NYSE:ECG - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $1.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the company earned $1.03 earnings per share. The firm's quarterly revenue was up 33.7% compared to the same quarter last year. Equities research analysts forecast that Everus Construction Group, Inc. will post 5.25 EPS for the current year.

Insider Buying and Selling

In other Everus Construction Group news, Director David Sparby acquired 1,000 shares of the company's stock in a transaction that occurred on Monday, August 17th. The stock was purchased at an average price of $144.95 per share, for a total transaction 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Paul Sanderson sold 3,300 shares of the stock in a transaction on Friday, August 7th. The shares were 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 in the company, valued at approximately $2,590,275.50. The trade was a 14.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

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

Everus Construction Group 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. 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.