Norges Bank Makes New $5.22 Million Investment in Everus Construction Group, Inc. $ECG

Norges Bank purchased a new position in Everus Construction Group, Inc. (NYSE:ECG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 82,085 shares of the company’s stock, valued at approximately $5,215,000. Norges Bank owned 0.16% of Everus Construction Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Everus Construction Group in the second quarter worth $273,000. State of New Jersey Common Pension Fund D purchased a new position in Everus Construction Group during the second quarter worth about $2,085,000. Bluefin Capital Management LLC purchased a new position in Everus Construction Group during the first quarter worth about $264,000. Bank of Montreal Can increased its stake in Everus Construction Group by 4.2% in the 2nd quarter. Bank of Montreal Can now owns 14,079 shares of the company’s stock worth $894,000 after acquiring an additional 563 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Everus Construction Group in the 2nd quarter valued at about $359,000.

Everus Construction Group Stock Up 0.1%

Shares of ECG opened at $91.32 on Wednesday. The firm has a market cap of $4.66 billion and a P/E ratio of 25.87. The stock has a 50 day simple moving average of $89.43 and a two-hundred day simple moving average of $77.00. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.76 and a quick ratio of 1.69. Everus Construction Group, Inc. has a 1 year low of $31.38 and a 1 year high of $103.08.

Everus Construction Group (NYSE:ECG) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.62 by $0.49. The firm had revenue of $986.82 million for the quarter, compared to the consensus estimate of $830.60 million. Everus Construction Group had a net margin of 5.18% and a return on equity of 36.74%. The business’s revenue was up 29.7% compared to the same quarter last year. During the same period last year, the firm posted $0.82 earnings per share. On average, analysts forecast that Everus Construction Group, Inc. will post 2.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on ECG shares. Weiss Ratings reissued a “hold (c)” rating on shares of Everus Construction Group in a report on Wednesday, October 8th. DA Davidson set a $102.00 target price on shares of Everus Construction Group in a research report on Thursday, November 6th. Oppenheimer reissued an “outperform” rating and issued a $105.00 price target on shares of Everus Construction Group in a research note on Thursday, November 6th. Zacks Research raised shares of Everus Construction Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 14th. Finally, Stifel Nicolaus lifted their price objective on shares of Everus Construction Group from $88.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $100.33.

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.