EMCOR Group (NYSE:EME) Sets New 1-Year High – What’s Next?

EMCOR Group, Inc. (NYSE:EME) reached a new 52-week high during trading on Monday . The stock traded as high as $785.73 and last traded at $786.0150, with a volume of 77077 shares changing hands. The stock had previously closed at $764.35.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on EME shares. Wall Street Zen downgraded shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 8th. Zacks Research downgraded shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. Robert W. Baird set a $713.00 price target on EMCOR Group in a research report on Friday, October 31st. Stifel Nicolaus upped their price objective on EMCOR Group from $713.00 to $754.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, DA Davidson upped their price objective on shares of EMCOR Group from $725.00 to $800.00 and gave the company a “buy” rating in a report on Friday, October 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, EMCOR Group presently has an average rating of “Moderate Buy” and an average price target of $698.83.

EMCOR Group Price Performance

The business’s 50-day moving average is $657.89 and its 200 day moving average is $647.27. The firm has a market capitalization of $34.81 billion, a P/E ratio of 31.26 and a beta of 1.17.

EMCOR Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Shareholders of record on Wednesday, January 14th were paid a dividend of $0.40 per share. This is a boost from EMCOR Group’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, January 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.2%. EMCOR Group’s dividend payout ratio is 6.43%.

EMCOR Group declared that its board has approved a share buyback program on Thursday, December 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of EMCOR Group

Several large investors have recently modified their holdings of EME. Vanguard Group Inc. raised its stake in EMCOR Group by 17.6% in the third quarter. Vanguard Group Inc. now owns 5,332,636 shares of the construction company’s stock valued at $3,463,760,000 after purchasing an additional 798,975 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in EMCOR Group by 132,234.2% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 669,611 shares of the construction company’s stock valued at $409,661,000 after buying an additional 669,105 shares during the period. Norges Bank acquired a new position in shares of EMCOR Group in the 2nd quarter valued at approximately $344,548,000. Victory Capital Management Inc. lifted its holdings in shares of EMCOR Group by 48.8% during the 3rd quarter. Victory Capital Management Inc. now owns 949,360 shares of the construction company’s stock worth $572,351,000 after acquiring an additional 311,474 shares during the period. Finally, State Street Corp boosted its position in shares of EMCOR Group by 15.2% during the 3rd quarter. State Street Corp now owns 1,852,991 shares of the construction company’s stock worth $1,203,592,000 after acquiring an additional 244,494 shares in the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

About EMCOR Group

EMCOR Group, Inc is a provider of mechanical and electrical construction, industrial and energy infrastructure, and facilities services to commercial, institutional and industrial clients. The company delivers a broad range of services that include design-build and traditional construction of mechanical, electrical and plumbing systems; ongoing facilities maintenance and operations; and specialized industrial services for sectors such as manufacturing, data centers, healthcare and utilities.

EMCOR’s service offerings encompass HVAC, plumbing, electrical installation and maintenance, fire protection, building automation and controls, commissioning, testing and balancing, and energy management solutions.