State Treasurer State of Michigan reduced its position in shares of EMCOR Group, Inc. (NYSE:EME) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,300 shares of the construction company’s stock after selling 2,100 shares during the quarter. State Treasurer State of Michigan’s holdings in EMCOR Group were worth $1,547,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Meeder Asset Management Inc. increased its stake in shares of EMCOR Group by 365.2% in the third quarter. Meeder Asset Management Inc. now owns 2,740 shares of the construction company’s stock worth $190,000 after acquiring an additional 2,151 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in EMCOR Group during the third quarter valued at about $3,195,000. Mutual of America Capital Management LLC boosted its holdings in EMCOR Group by 20.6% during the third quarter. Mutual of America Capital Management LLC now owns 95,917 shares of the construction company’s stock valued at $6,655,000 after acquiring an additional 16,356 shares during the period. Lord Abbett & CO. LLC boosted its holdings in EMCOR Group by 5.8% during the second quarter. Lord Abbett & CO. LLC now owns 284,769 shares of the construction company’s stock valued at $18,618,000 after acquiring an additional 15,624 shares during the period. Finally, Phocas Financial Corp. boosted its holdings in EMCOR Group by 4.8% during the second quarter. Phocas Financial Corp. now owns 124,030 shares of the construction company’s stock valued at $8,109,000 after acquiring an additional 5,642 shares during the period. 94.06% of the stock is currently owned by institutional investors.
Shares of EMCOR Group, Inc. (NYSE:EME) traded down $0.86 during trading hours on Wednesday, hitting $78.04. 283,200 shares of the company were exchanged, compared to its average volume of 355,097. The company has a current ratio of 1.44, a quick ratio of 1.41 and a debt-to-equity ratio of 0.25. EMCOR Group, Inc. has a fifty-two week low of $59.76 and a fifty-two week high of $81.77. The firm has a market capitalization of $4,640.41, a price-to-earnings ratio of 21.68, a price-to-earnings-growth ratio of 1.39 and a beta of 1.02.
EMCOR Group (NYSE:EME) last issued its quarterly earnings results on Thursday, October 26th. The construction company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.27. EMCOR Group had a net margin of 2.82% and a return on equity of 13.94%. The firm had revenue of $1.87 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same period in the previous year, the business earned $0.85 EPS. The company’s revenue was down 2.9% compared to the same quarter last year. equities analysts predict that EMCOR Group, Inc. will post 3.79 earnings per share for the current year.
EMCOR Group announced that its board has approved a share buyback plan on Thursday, October 26th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the construction company to repurchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Monday, October 30th. Stockholders of record on Tuesday, October 17th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend was Monday, October 16th. EMCOR Group’s payout ratio is presently 8.94%.
In other news, Director Jerry E. Ryan sold 13,000 shares of the business’s stock in a transaction that occurred on Friday, October 27th. The shares were sold at an average price of $78.06, for a total value of $1,014,780.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by insiders.
EME has been the subject of several recent research reports. BidaskClub lowered shares of EMCOR Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 24th. Zacks Investment Research lowered shares of EMCOR Group from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. KeyCorp reissued a “hold” rating on shares of EMCOR Group in a research note on Friday, August 25th. Stifel Nicolaus reissued a “buy” rating and set a $88.00 price target (up from $75.00) on shares of EMCOR Group in a research report on Thursday, October 26th. Finally, ValuEngine cut shares of EMCOR Group from a “buy” rating to a “hold” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $83.33.
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EMCOR Group Company Profile
EMCOR Group, Inc is an electrical and mechanical construction, and facilities services firm in the United States. The Company provides building services and industrial services. Its segments are United States electrical construction and facilities services; United States mechanical construction and facilities services; United States building services; United States industrial services, and United Kingdom building services.
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