Lazard Asset Management LLC lifted its holdings in EMCOR Group, Inc. (NYSE:EME – Free Report) by 20.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 49,082 shares of the construction company’s stock after acquiring an additional 8,236 shares during the quarter. Lazard Asset Management LLC’s holdings in EMCOR Group were worth $36,238,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the business. North Dakota State Investment Board purchased a new position in EMCOR Group in the 4th quarter worth approximately $928,000. Thrivent Financial for Lutherans boosted its stake in shares of EMCOR Group by 663.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 113,562 shares of the construction company’s stock valued at $69,476,000 after purchasing an additional 98,687 shares during the period. Chase Investment Counsel Corp boosted its stake in shares of EMCOR Group by 152.1% during the fourth quarter. Chase Investment Counsel Corp now owns 2,849 shares of the construction company’s stock valued at $1,742,000 after purchasing an additional 1,719 shares during the period. Passumpsic Savings Bank bought a new position in shares of EMCOR Group in the fourth quarter worth approximately $1,726,000. Finally, Spectrum Strategic Capital Management LLC bought a new position in shares of EMCOR Group in the fourth quarter worth approximately $970,000. Hedge funds and other institutional investors own 92.59% of the company’s stock.
Insider Transactions at EMCOR Group
In related news, CFO Jason R. Nalbandian sold 800 shares of the business’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $856.43, for a total transaction of $685,144.00. Following the transaction, the chief financial officer owned 18,157 shares in the company, valued at $15,550,199.51. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven Schwarzwaelder sold 5,602 shares of the stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $895.19, for a total transaction of $5,014,854.38. Following the completion of the transaction, the director directly owned 15,875 shares of the company’s stock, valued at approximately $14,211,141.25. The trade was a 26.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 10,027 shares of company stock worth $8,957,466. 0.73% of the stock is owned by corporate insiders.
EMCOR Group Stock Down 4.8%
EMCOR Group (NYSE:EME – Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The construction company reported $6.84 EPS for the quarter, topping analysts’ consensus estimates of $5.90 by $0.94. The company had revenue of $4.63 billion during the quarter, compared to analyst estimates of $4.20 billion. EMCOR Group had a return on equity of 35.19% and a net margin of 7.54%.The firm’s revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.41 earnings per share. On average, research analysts anticipate that EMCOR Group, Inc. will post 29.37 earnings per share for the current year.
EMCOR Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be issued a $0.40 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $1.60 annualized dividend and a yield of 0.2%. EMCOR Group’s dividend payout ratio is 5.37%.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. Zacks Research upgraded shares of EMCOR Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, June 30th. Stifel Nicolaus set a $918.00 price target on shares of EMCOR Group in a report on Thursday, April 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,123.00 price objective on shares of EMCOR Group in a research report on Tuesday, June 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of EMCOR Group in a research note on Friday, July 17th. Finally, Oppenheimer started coverage on shares of EMCOR Group in a report on Thursday, May 28th. They set an “outperform” rating and a $1,100.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $871.25.
Check Out Our Latest Research Report on EME
About EMCOR Group
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.
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