EMCOR Group (NYSE:EME) Stock Rated Neutral in New Coverage at JPMorgan Chase & Co.

Analysts at JPMorgan Chase & Co. initiated coverage on shares of EMCOR Group (NYSE:EME) in a research note issued on Tuesday, Briefing.com reports. The firm set a “neutral” rating and a $700.00 price target on the construction company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.28% from the stock’s previous close.

EME has been the topic of several other reports. DA Davidson set a $1,047.00 price objective on EMCOR Group in a research report on Monday, August 10th. The Goldman Sachs Group decreased their price objective on EMCOR Group from $885.00 to $795.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 20th. Robert W. Baird lifted their price objective on EMCOR Group from $900.00 to $918.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. UBS Group cut their target price on shares of EMCOR Group from $1,065.00 to $925.00 and set a “buy” rating for the company in a research note on Wednesday, November 4th. Finally, Zacks Research lowered shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $902.88.

EMCOR Group Price Performance

Shares of EMCOR Group stock opened at $652.52 on Tuesday. EMCOR Group has a 1 year low of $564.92 and a 1 year high of $951.96. The company has a market capitalization of $28.57 billion, a P/E ratio of 19.56 and a beta of 1.16. The business has a 50 day moving average price of $729.05 and a 200 day moving average price of $778.42.

EMCOR Group (NYSE:EME) last announced its earnings results on Thursday, October 29th. The construction company reported $9.60 EPS for the quarter, beating analysts’ consensus estimates of $8.37 by $1.23. The firm had revenue of $5.54 billion for the quarter, compared to analysts’ expectations of $5.19 billion. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. EMCOR Group’s quarterly revenue was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $6.57 EPS. As a group, research analysts expect that EMCOR Group will post 34.79 EPS for the current fiscal year.

EMCOR Group announced that its board has approved a stock buyback program on Thursday, October 29th that permits the company to repurchase $500 million in shares. This repurchase authorization permits the construction company to repurchase up to 1.7% of its stock through open market purchases. Share repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in EME. Legacy Wealth Asset Management LLC raised its position in shares of EMCOR Group by 2.5% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 725 shares of the construction company’s stock worth $547,000 after buying an additional 18 shares during the period. Diversified Trust Co boosted its holdings in EMCOR Group by 2.1% in the third quarter. Diversified Trust Co now owns 889 shares of the construction company’s stock valued at $671,000 after acquiring an additional 18 shares during the last quarter. Empirical Finance LLC grew its position in EMCOR Group by 0.8% during the first quarter. Empirical Finance LLC now owns 2,260 shares of the construction company’s stock valued at $1,669,000 after acquiring an additional 19 shares during the period. CX Institutional grew its position in EMCOR Group by 7.1% during the second quarter. CX Institutional now owns 286 shares of the construction company’s stock valued at $237,000 after acquiring an additional 19 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management increased its stake in EMCOR Group by 0.5% during the second quarter. B & T Capital Management DBA Alpha Capital Management now owns 4,339 shares of the construction company’s stock worth $3,601,000 after acquiring an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

EMCOR Group Company Profile

EMCOR Group is a provider of mechanical and electrical construction and facilities services. Through its operating companies, it designs, installs, maintains and upgrades building systems and related infrastructure for commercial, industrial, institutional and government customers.

Its services include heating, ventilation and air conditioning; electrical and power systems; plumbing and piping; building automation; energy infrastructure; and ongoing facilities management. The company also provides industrial services, such as maintenance and support for process and manufacturing facilities.

EMCOR serves customers across the United States and in select international markets, including the United Kingdom.