Everus Construction Group (NYSE:ECG) Stock Price Down 5.9% – Here’s What Happened

Everus Construction Group, Inc. (NYSE:ECG)’s share price dropped 5.9% on Wednesday . The company traded as low as $128.01 and last traded at $127.7620. Approximately 178,660 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 651,905 shares. The stock had previously closed at $135.77.

Analysts Set New Price Targets

ECG has been the topic of a number of research analyst reports. Zacks Research upgraded Everus Construction Group from a “hold” rating to a “strong-buy” rating in a report on Friday, February 27th. Stifel Nicolaus lifted their target price on Everus Construction Group to $153.00 and gave the company a “buy” rating in a report on Wednesday. Wall Street Zen cut Everus Construction Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 7th. Guggenheim began coverage on shares of Everus Construction Group in a research report on Thursday, January 22nd. They set a “neutral” rating on the stock. Finally, Cantor Fitzgerald started coverage on Everus Construction Group in a report on Friday, January 23rd. They issued a “neutral” rating and a $97.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Everus Construction Group has an average rating of “Moderate Buy” and an average target price of $114.25.

Everus Construction Group Stock Performance

The company’s fifty day simple moving average is $114.12 and its two-hundred day simple moving average is $98.18. The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 32.22 and a beta of 2.88. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.70 and a current ratio of 1.76.

Everus Construction Group (NYSE:ECG) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.72 by $0.36. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $879.57 million. Everus Construction Group had a net margin of 5.39% and a return on equity of 37.06%. The company’s quarterly revenue was up 33.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.67 earnings per share. Equities research analysts predict that Everus Construction Group, Inc. will post 2.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada raised its position in shares of Everus Construction Group by 155.0% during the 1st quarter. Royal Bank of Canada now owns 48,839 shares of the company’s stock valued at $1,811,000 after acquiring an additional 29,689 shares in the last quarter. Millennium Management LLC boosted its holdings in Everus Construction Group by 42.7% in the first quarter. Millennium Management LLC now owns 244,421 shares of the company’s stock worth $9,066,000 after purchasing an additional 73,128 shares during the period. Goldman Sachs Group Inc. increased its stake in Everus Construction Group by 74.4% during the first quarter. Goldman Sachs Group Inc. now owns 178,790 shares of the company’s stock valued at $6,631,000 after purchasing an additional 76,252 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Everus Construction Group by 33.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 140,397 shares of the company’s stock valued at $5,207,000 after purchasing an additional 34,868 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Everus Construction Group by 184.4% during the first quarter. Jane Street Group LLC now owns 71,323 shares of the company’s stock worth $2,645,000 after purchasing an additional 46,247 shares during the period.

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.