6,105 Shares in EMCOR Group, Inc. $EME Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC purchased a new stake in shares of EMCOR Group, Inc. (NYSE:EME) in the third quarter, Holdings Channel.com reports. The firm purchased 6,105 shares of the construction company’s stock, valued at approximately $3,965,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quent Capital LLC purchased a new position in shares of EMCOR Group during the third quarter valued at approximately $29,000. Orion Capital Management LLC bought a new position in EMCOR Group during the 3rd quarter valued at $31,000. Tobam lifted its stake in EMCOR Group by 1,900.0% during the 2nd quarter. Tobam now owns 80 shares of the construction company’s stock valued at $43,000 after acquiring an additional 76 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new position in EMCOR Group during the 2nd quarter worth $43,000. Finally, True Wealth Design LLC grew its stake in shares of EMCOR Group by 333.3% in the 3rd quarter. True Wealth Design LLC now owns 91 shares of the construction company’s stock worth $59,000 after acquiring an additional 70 shares in the last quarter. 92.59% of the stock is owned by hedge funds and other institutional investors.

EMCOR Group Trading Up 3.3%

Shares of NYSE EME opened at $804.64 on Thursday. The stock’s 50-day moving average is $668.54 and its 200 day moving average is $650.76. The stock has a market cap of $36.02 billion, a price-to-earnings ratio of 32.35 and a beta of 1.17. EMCOR Group, Inc. has a 1-year low of $320.89 and a 1-year high of $816.60.

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

EMCOR Group Increases Dividend

The firm also recently declared 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 represents a $1.60 annualized dividend and a dividend yield of 0.2%. This is a boost from EMCOR Group’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, January 14th. EMCOR Group’s payout ratio is 6.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on EME shares. Robert W. Baird set a $713.00 target price on EMCOR Group in a research report on Friday, October 31st. Stifel Nicolaus increased their price target on EMCOR Group from $713.00 to $754.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Wall Street Zen lowered shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 8th. Weiss Ratings reissued a “buy (b)” rating on shares of EMCOR Group in a report on Wednesday, January 21st. Finally, Zacks Research lowered EMCOR Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $698.83.

EMCOR Group Company Profile

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.