EMCOR Group, Inc. $EME Stock Position Decreased by Summit Global Investments

Summit Global Investments trimmed its stake in EMCOR Group, Inc. (NYSE:EME) by 29.2% during the third quarter, HoldingsChannel.com reports. The fund owned 1,841 shares of the construction company’s stock after selling 760 shares during the period. Summit Global Investments’ holdings in EMCOR Group were worth $1,196,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Hollencrest Capital Management boosted its position in shares of EMCOR Group by 113,000.0% in the 3rd quarter. Hollencrest Capital Management now owns 1,131 shares of the construction company’s stock valued at $735,000 after purchasing an additional 1,130 shares during the period. AE Wealth Management LLC boosted its holdings in shares of EMCOR Group by 2.9% in the third quarter. AE Wealth Management LLC now owns 841 shares of the construction company’s stock worth $547,000 after buying an additional 24 shares during the period. Archer Investment Corp boosted its holdings in shares of EMCOR Group by 2.6% in the third quarter. Archer Investment Corp now owns 858 shares of the construction company’s stock worth $557,000 after buying an additional 22 shares during the period. Fidelis Capital Partners LLC increased its position in shares of EMCOR Group by 2.7% in the third quarter. Fidelis Capital Partners LLC now owns 1,176 shares of the construction company’s stock worth $764,000 after acquiring an additional 31 shares in the last quarter. Finally, New York State Common Retirement Fund raised its holdings in shares of EMCOR Group by 4.0% during the third quarter. New York State Common Retirement Fund now owns 55,109 shares of the construction company’s stock valued at $35,796,000 after acquiring an additional 2,100 shares during the period. 92.59% of the stock is owned by hedge funds and other institutional investors.

EMCOR Group Stock Performance

Shares of NYSE EME opened at $721.29 on Friday. The business has a 50 day simple moving average of $645.50 and a 200 day simple moving average of $640.06. EMCOR Group, Inc. has a 52 week low of $320.89 and a 52 week high of $778.64. The stock has a market cap of $32.29 billion, a price-to-earnings ratio of 29.00 and a beta of 1.17.

EMCOR Group (NYSE:EME) last posted its earnings results on Thursday, October 30th. The construction company reported $6.57 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $6.57. The firm had revenue of $4.30 billion during the quarter, compared to analysts’ expectations of $4.27 billion. EMCOR Group had a net margin of 6.96% and a return on equity of 37.04%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the previous year, the company earned $5.80 earnings per share. On average, analysts predict that EMCOR Group, Inc. will post 20.74 EPS for the current year.

EMCOR Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 30th. Investors of record on Wednesday, January 14th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend was Wednesday, January 14th. This is a boost from EMCOR Group’s previous quarterly dividend of $0.25. EMCOR Group’s dividend payout ratio (DPR) is presently 6.43%.

EMCOR Group declared that its Board of Directors has approved a share buyback plan on Thursday, December 18th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy 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 stock is undervalued.

Analysts Set New Price Targets

EME has been the subject of a number of recent analyst reports. DA Davidson raised their price objective on shares of EMCOR Group from $725.00 to $800.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Robert W. Baird set a $713.00 target price on EMCOR Group in a research report on Friday, October 31st. Zacks Research lowered EMCOR Group from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 19th. Stifel Nicolaus lifted their target price 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, The Goldman Sachs Group raised shares of EMCOR Group from a “sell” rating to a “neutral” rating and increased their price target for the stock from $495.00 to $676.00 in a research report on Tuesday, October 7th. One 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 company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $698.83.

Insider Transactions at EMCOR Group

In other EMCOR Group news, Director Robin A. Walker-Lee sold 1,325 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $677.22, for a total transaction of $897,316.50. Following the transaction, the director directly owned 6,140 shares of the company’s stock, valued at $4,158,130.80. This represents a 17.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.83% of the company’s stock.

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.