Raymond James Financial Inc. Invests $42.38 Million in EMCOR Group, Inc. (NYSE:EME)

Raymond James Financial Inc. acquired a new stake in EMCOR Group, Inc. (NYSE:EME) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 93,370 shares of the construction company’s stock, valued at approximately $42,380,000. Raymond James Financial Inc. owned approximately 0.20% of EMCOR Group at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EME. Straightline Group LLC purchased a new position in shares of EMCOR Group in the 4th quarter valued at about $254,000. Abacus FCF Advisors LLC lifted its stake in EMCOR Group by 44.8% in the fourth quarter. Abacus FCF Advisors LLC now owns 6,816 shares of the construction company’s stock worth $3,094,000 after acquiring an additional 2,108 shares during the last quarter. Renaissance Group LLC grew its holdings in EMCOR Group by 11.8% during the 4th quarter. Renaissance Group LLC now owns 11,019 shares of the construction company’s stock worth $5,020,000 after acquiring an additional 1,164 shares in the last quarter. Bank of Nova Scotia increased its position in shares of EMCOR Group by 280.2% in the 4th quarter. Bank of Nova Scotia now owns 30,720 shares of the construction company’s stock valued at $13,944,000 after purchasing an additional 22,641 shares during the last quarter. Finally, Southeast Asset Advisors LLC raised its holdings in shares of EMCOR Group by 12.6% in the 4th quarter. Southeast Asset Advisors LLC now owns 5,426 shares of the construction company’s stock valued at $2,463,000 after purchasing an additional 608 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on EME. StockNews.com lowered EMCOR Group from a “strong-buy” rating to a “buy” rating in a report on Tuesday, February 25th. Stifel Nicolaus decreased their target price on EMCOR Group from $600.00 to $514.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, EMCOR Group has an average rating of “Moderate Buy” and an average target price of $497.25.

EMCOR Group Stock Performance

EME opened at $389.77 on Wednesday. The stock has a market capitalization of $17.72 billion, a P/E ratio of 19.80 and a beta of 1.08. EMCOR Group, Inc. has a one year low of $319.49 and a one year high of $545.30. The business’s 50-day simple moving average is $395.09 and its 200-day simple moving average is $446.72.

EMCOR Group (NYSE:EME) last issued its quarterly earnings data on Wednesday, February 26th. The construction company reported $6.32 earnings per share for the quarter, beating analysts’ consensus estimates of $5.53 by $0.79. The company had revenue of $3.77 billion during the quarter, compared to analysts’ expectations of $3.81 billion. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. On average, equities research analysts forecast that EMCOR Group, Inc. will post 20.74 EPS for the current fiscal year.

EMCOR Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Thursday, April 17th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.26%. EMCOR Group’s payout ratio is 4.64%.

EMCOR Group declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 26th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 2.6% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at EMCOR Group

In other EMCOR Group news, CAO Maxine Lum Mauricio sold 1,250 shares of the company’s stock in a transaction that occurred on Thursday, March 13th. The stock was sold at an average price of $370.07, for a total transaction of $462,587.50. Following the completion of the sale, the chief accounting officer now directly owns 27,642 shares of the company’s stock, valued at $10,229,474.94. This represents a 4.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.26% of the company’s stock.

EMCOR Group Company Profile

EMCOR Group, Inc provides construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, start-up, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.