State of Tennessee Treasury Department Grows Stake in EMCOR Group, Inc. (EME)
State of Tennessee Treasury Department grew its holdings in shares of EMCOR Group, Inc. (NYSE:EME) by 76.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,942 shares of the construction company’s stock after purchasing an additional 22,942 shares during the quarter. State of Tennessee Treasury Department owned approximately 0.09% of EMCOR Group worth $3,673,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bruderman Asset Management LLC purchased a new stake in shares of EMCOR Group during the 2nd quarter valued at about $118,000. Bronfman E.L. Rothschild L.P. increased its position in shares of EMCOR Group by 4.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,897 shares of the construction company’s stock valued at $124,000 after purchasing an additional 76 shares during the last quarter. Global X Management Co. LLC increased its position in shares of EMCOR Group by 220.0% during the 2nd quarter. Global X Management Co. LLC now owns 1,920 shares of the construction company’s stock valued at $126,000 after purchasing an additional 1,320 shares during the last quarter. Advisor Group Inc. increased its position in shares of EMCOR Group by 73.1% during the 2nd quarter. Advisor Group Inc. now owns 2,269 shares of the construction company’s stock valued at $147,000 after purchasing an additional 958 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in EMCOR Group by 8.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,376 shares of the construction company’s stock worth $155,000 after acquiring an additional 194 shares in the last quarter. 94.06% of the stock is owned by hedge funds and other institutional investors.
Several research firms recently issued reports on EME. ValuEngine lowered shares of EMCOR Group from a “buy” rating to a “hold” rating in a report on Tuesday. Stifel Nicolaus reissued a “buy” rating and issued a $88.00 target price (up from $75.00) on shares of EMCOR Group in a report on Wednesday, November 1st. Zacks Investment Research raised shares of EMCOR Group from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a report on Tuesday, October 31st. KeyCorp reissued a “hold” rating on shares of EMCOR Group in a report on Friday, August 25th. Finally, BidaskClub lowered shares of EMCOR Group from a “hold” rating to a “sell” rating in a report on Friday, July 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $83.33.
In other EMCOR Group news, Director Jerry E. Ryan sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $78.06, for a total value of $1,014,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.00% of the company’s stock.
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Shares of EMCOR Group, Inc. (EME) opened at $78.11 on Friday. The stock has a market cap of $4,520.43, a P/E ratio of 21.11, a P/E/G ratio of 1.35 and a beta of 1.02. EMCOR Group, Inc. has a fifty-two week low of $59.76 and a fifty-two week high of $81.77. The company has a quick ratio of 1.41, a current ratio of 1.44 and a debt-to-equity ratio of 0.25.
EMCOR Group (NYSE:EME) last released its earnings results on Thursday, October 26th. The construction company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.93 billion. During the same period in the prior year, the firm posted $0.85 EPS. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. analysts predict that EMCOR Group, Inc. will post 3.79 earnings per share for the current fiscal year.
EMCOR Group declared that its board has authorized a stock buyback program on Thursday, October 26th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the construction company to repurchase up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 30th. Shareholders of record on Tuesday, October 17th were paid a $0.08 dividend. The ex-dividend date of this dividend was Monday, October 16th. This represents a $0.32 annualized dividend and a yield of 0.41%. EMCOR Group’s payout ratio is 8.94%.
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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