Everus Stock Up 31% This Past Year -- but One Major Holder Cut Exposure by $1.5 Million
Key Points
New York City-based Mountaineer Partners Management sold 36,374 shares of Everus Construction Group in the third quarter.
The overall position value decreased by $1.46 million from the previous period.
As of September 30, the fund reported holding 169,844 shares worth about $14.56 million.
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New York City-based Mountaineer Partners Management trimmed its stake in Everus Construction Group (NYSE:ECG.WI) by 36,374 shares, contributing to a $1.46 million decrease in position value, according to a November 14 SEC filing.
What Happened
According to a November 14 SEC filing, Mountaineer Partners Management reduced its investment in Everus Construction Group (NYSE:ECG.WI) by 36,374 shares over the prior quarter. The post-sale position totals 169,844 shares, with a quarter-end value of $14.56 million. The fund reported $264.03 million in U.S. equity assets across 36 positions as of September 30.
What Else to Know
Everus Construction Group represented 5.5% of reportable AUM as of quarter-end.
Top holdings after the filing:
- NYSE:HBM: $26.91 million (10.2% of AUM)
- NYSE:CSTM: $22.81 million (8.6% of AUM)
- NASDAQ:CENX: $21.49 million (8.1% of AUM)
- NYSE:ATI: $21.31 million (8.1% of AUM)
- NYSE:FCX: $20.94 million (7.9% of AUM)
As of Tuesday, shares of Everus Construction Group were priced at $87.63, up 31% over the past year and well outperforming the S&P 500, which is up about 17% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Price (as of Tuesday) | $87.63 |
| Market capitalization | $4.47 billion |
| Revenue (TTM) | $3.49 billion |
| Net income (TTM) | $180.96 million |
Company Snapshot
- Everus Construction Group provides utility construction services, including electrical line and pipeline construction, inside electrical wiring, cabling, and mechanical services; also manufactures and distributes specialty equipment and electrical control panels, and installs and maintains automatic fire sprinkler systems.
- The company generates revenue through project-based contracts for construction, installation, and ongoing maintenance services, as well as sales of specialized equipment and systems.
- It serves utilities, industrial clients, and commercial customers, with a geographic focus on regions such as Las Vegas, Reno, and the broader United States.
Everus Construction Group operates at scale in the U.S. engineering and construction sector. The company leverages its diversified service portfolio and specialty manufacturing capabilities to serve utility and industrial customers with complex infrastructure needs. Strategic focus on both project execution and recurring maintenance services supports its competitive position in the market.
Foolish Take
This move looks less like a verdict on Everus and more like a reminder that portfolio management and business fundamentals are not the same thing. Everus is executing exceptionally well. Third-quarter revenue jumped nearly 30% year over year to $986.8 million, EBITDA climbed 37% to $89 million, and diluted EPS rose to $1.11. Backlog reached $2.95 billion, while management raised full-year guidance to as much as $3.65 billion in revenue and $300 million in EBITDA, reflecting sustained demand across data centers, utilities, and industrial markets.
Against that backdrop, Mountaineer Partners’ trim looks more like risk management than loss of conviction. Everus still represents about 5.5% of the fund’s assets, making it one of its larger positions even after the sale. In a concentrated portfolio with heavy exposure to metals, materials, and infrastructure names like Freeport-McMoRan and ATI, harvesting gains during a strong run makes sense.
Glossary
13F reportable assets: Assets that institutional investment managers must disclose quarterly to the SEC, showing their U.S. equity holdings.
AUM (Assets Under Management): The total market value of investments managed by a fund or investment firm.
Position: The amount of a particular security or asset held by an investor or fund.
Top holdings: The largest investments in a fund's portfolio, typically ranked by market value.
Forward price-to-earnings ratio: A valuation measure comparing a company's current share price to its expected future earnings per share.
EV/EBITDA: Enterprise Value divided by Earnings Before Interest, Taxes, Depreciation, and Amortization; a ratio used to value a company.
Trailing twelve-month (TTM): The 12-month period ending with the most recent quarterly report.
52-week high: The highest price at which a security has traded during the past year.
Quarter-end: The last day of a fiscal quarter, often used as a reference point for financial reporting.
Project-based contracts: Agreements to deliver specific services or projects, usually with defined timelines and deliverables.
Recurring maintenance services: Ongoing support and upkeep provided to clients under long-term or repeat service agreements.
Specialty equipment: Custom or specialized machinery and tools designed for specific industry tasks or applications.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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