Essex Investment Management Co. LLC Acquires 14,423 Shares of Everus Construction Group, Inc. (NYSE:ECG)
Essex Investment Management Co. LLC increased its stake in Everus Construction Group, Inc. (NYSE:ECG) by 63.4% in Q1, acquiring an additional 14,423 shares, bringing its total to 37,174 shares valued at approximately $1.38 million. Other hedge funds also invested in Everus, with Vanguard Group leading with a new position worth about $365.97 million. Everus reported strong quarterly earnings, beating estimates with $0.72 EPS and $826.63 million in revenue, a 32.1% increase year-over-year. Analysts have mixed ratings on the stock, with an average target price of $73.67.
Essex Investment Management Co. LLC raised its holdings in Everus Construction Group, Inc. (NYSE:ECG - Free Report) by 63.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 37,174 shares of the company's stock after buying an additional 14,423 shares during the period. Essex Investment Management Co. LLC owned about 0.07% of Everus Construction Group worth $1,379,000 at the end of the most recent quarter.
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A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. bought a new position in Everus Construction Group during the fourth quarter worth about $365,965,000. Dimensional Fund Advisors LP bought a new stake in Everus Construction Group during the fourth quarter worth about $120,578,000. Invesco Ltd. acquired a new stake in Everus Construction Group during the fourth quarter worth about $65,337,000. Alliancebernstein L.P. bought a new position in Everus Construction Group in the 4th quarter valued at about $53,131,000. Finally, Naya Capital Management UK Ltd. bought a new stake in shares of Everus Construction Group during the 4th quarter worth approximately $48,619,000.
Everus Construction Group Price Performance
NYSE:ECG opened at $74.20 on Wednesday. The stock's 50-day moving average is $62.98 and its 200-day moving average is $53.63. Everus Construction Group, Inc. has a 1-year low of $31.38 and a 1-year high of $77.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.69 and a current ratio of 1.78.
Everus Construction Group (NYSE:ECG - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.29. The firm had revenue of $826.63 million during the quarter, compared to the consensus estimate of $676.35 million. Everus Construction Group had a net margin of 4.98% and a return on equity of 33.27%. The business's revenue was up 32.1% compared to the same quarter last year. Sell-side analysts expect that Everus Construction Group, Inc. will post 2.49 earnings per share for the current year.
Wall Street Analysts Forecast Growth
ECG has been the subject of several research analyst reports. Wall Street Zen downgraded shares of Everus Construction Group from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. DA Davidson lifted their target price on Everus Construction Group from $58.00 to $68.00 and gave the company a "neutral" rating in a research report on Thursday, May 15th. Stifel Nicolaus raised their price target on shares of Everus Construction Group from $71.00 to $83.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Oppenheimer upped 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 report on Friday, July 18th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $73.67.
Read Our Latest Research Report on ECG
About Everus Construction Group
(Free Report)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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