Ritholtz Wealth Management lowered its holdings in EMCOR Group, Inc. (NYSE:EME – Free Report) by 7.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 14,849 shares of the construction company’s stock after selling 1,113 shares during the quarter. Ritholtz Wealth Management’s holdings in EMCOR Group were worth $11,203,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in EME. Legacy Wealth Asset Management LLC lifted its stake in EMCOR Group by 2.5% during the third quarter. Legacy Wealth Asset Management LLC now owns 725 shares of the construction company’s stock worth $547,000 after purchasing an additional 18 shares during the last quarter. Empirical Finance LLC boosted its holdings in EMCOR Group by 0.8% in the first quarter. Empirical Finance LLC now owns 2,260 shares of the construction company’s stock valued at $1,669,000 after purchasing an additional 19 shares in the last quarter. CX Institutional boosted its holdings in EMCOR Group by 7.1% in the second quarter. CX Institutional now owns 286 shares of the construction company’s stock valued at $237,000 after purchasing an additional 19 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management increased its stake in EMCOR Group by 0.5% in the second quarter. B & T Capital Management DBA Alpha Capital Management now owns 4,339 shares of the construction company’s stock valued at $3,601,000 after purchasing an additional 20 shares during the last quarter. Finally, DUTCH ASSET Corp increased its stake in EMCOR Group by 8.3% in the third quarter. DUTCH ASSET Corp now owns 274 shares of the construction company’s stock valued at $207,000 after purchasing an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on EME. Cantor Fitzgerald cut their price objective on shares of EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating on the stock in a report on Monday, November 2nd. UBS Group lowered 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 report on Wednesday, November 4th. The Goldman Sachs Group dropped their target price on shares of EMCOR Group from $885.00 to $795.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 20th. Oppenheimer cut their price target on shares of EMCOR Group from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research note on Monday, November 2nd. Finally, JPMorgan Chase & Co. started coverage on shares of EMCOR Group in a research report on Tuesday. They issued a “neutral” rating and a $700.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $902.88.
Get Our Latest Stock Analysis on EMCOR Group
EMCOR Group Stock Up 3.3%
NYSE:EME opened at $666.66 on Thursday. The stock’s 50 day moving average price is $725.87 and its 200 day moving average price is $777.99. The company has a market capitalization of $29.19 billion, a PE ratio of 19.26 and a beta of 1.16. EMCOR Group, Inc. has a 52-week low of $564.92 and a 52-week high of $951.96.
EMCOR Group (NYSE:EME – Get Free Report) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 EPS for the quarter, topping the consensus estimate of $8.37 by $1.23. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The company had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the company posted $6.57 earnings per share. The firm’s revenue was up 28.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that EMCOR Group, Inc. will post 34.79 EPS for the current fiscal year.
EMCOR Group declared that its Board of Directors has approved a share repurchase plan on Thursday, October 29th that allows the company to buy back $500 million in shares. This repurchase authorization allows the construction company to purchase up to 1.7% of its stock through open market purchases. Share repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
EMCOR Group Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were given a dividend of $0.40 per share. The ex-dividend date was Thursday, October 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.2%. EMCOR Group’s dividend payout ratio (DPR) is 4.62%.
EMCOR Group 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.
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