The Teacher Retirement System of Texas has significantly increased its stake in Everus Construction Group, Inc. (NYSE: ECG) by 22.7% during the third quarter of 2023. This move, disclosed in a filing with the Securities and Exchange Commission, brings the fund’s total holdings to 299,696 shares, valued at approximately $25.7 million.
This increase in ownership reflects a broader trend of institutional investment in Everus Construction. Various funds have engaged in buying and selling shares of the company recently. Notably, Geneos Wealth Management Inc. expanded its position by an impressive 105.3% in the second quarter, now holding 386 shares valued at around $25,000. Similarly, Signaturefd LLC raised its stake by 91.6%, acquiring an additional 208 shares to reach a total of 435 shares, valued at $28,000. Other investors, including Country Trust Bank, Salomon & Ludwin LLC, and GHP Investment Advisors Inc., have also established new positions in the company, with investments ranging from $31,000 to $37,000.
Analyst Ratings and Stock Performance
Recent assessments from analysts reflect varying perspectives on Everus Construction Group’s stock. Oppenheimer reaffirmed an “outperform” rating with a price target of $105.00, while Zacks Research downgraded its rating from “strong-buy” to “hold.” Wall Street Zen upgraded the stock from “buy” to “strong-buy.” Currently, two analysts recommend a Buy rating, while five have issued a Hold rating, resulting in a consensus rating of “Hold” and an average target price of $99.50, according to MarketBeat.
As of the latest trading session, Everus Construction Group’s stock opened at $91.10, reflecting a 1.0% decline. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of 25.81, and a beta of 3.84. The stock has seen a fifty-two week low of $31.38 and a high of $103.08. Current financial metrics indicate a debt-to-equity ratio of 0.47, a current ratio of 1.76, and a quick ratio of 1.69.
Recent Earnings Highlights
On November 4, 2023, Everus Construction Group reported its quarterly earnings, showcasing strong results. The company achieved earnings per share (EPS) of $1.11, surpassing the consensus estimate of $0.62 by $0.49. The reported revenue for the quarter was $986.82 million, significantly exceeding the anticipated $830.60 million. This represents a 29.7% increase in revenue compared to the same period last year, where the company posted an EPS of $0.82.
Looking ahead, analysts predict that Everus Construction Group will post an EPS of $2.49 for the current fiscal year. The company is known for providing a comprehensive range of construction services, focusing on electrical and mechanical contracting primarily in the United States. Based in Bismarck, N.D., Everus serves various sectors, including utility, transportation, and renewable energy.
For those interested in tracking Everus Construction Group’s performance and institutional holdings, resources such as HoldingsChannel.com provide regular updates on 13F filings and insider trading activities.
