Meeder Asset Management Inc. Sells 7,330 Shares of Emcor Group Inc (EME)
Meeder Asset Management Inc. lowered its holdings in Emcor Group Inc (NYSE:EME) by 79.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,927 shares of the construction company’s stock after selling 7,330 shares during the quarter. Meeder Asset Management Inc.’s holdings in Emcor Group were worth $144,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its position in shares of Emcor Group by 3.2% in the 2nd quarter. BlackRock Inc. now owns 6,483,730 shares of the construction company’s stock worth $493,931,000 after buying an additional 202,856 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Emcor Group by 1.6% in the 2nd quarter. Victory Capital Management Inc. now owns 2,084,231 shares of the construction company’s stock worth $158,777,000 after buying an additional 33,662 shares during the last quarter. Voya Investment Management LLC grew its position in shares of Emcor Group by 11.1% in the 2nd quarter. Voya Investment Management LLC now owns 1,098,299 shares of the construction company’s stock worth $83,668,000 after buying an additional 109,762 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Emcor Group by 2.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 896,098 shares of the construction company’s stock worth $68,265,000 after buying an additional 21,903 shares during the last quarter. Finally, Glenmede Trust Co. NA grew its position in shares of Emcor Group by 3.3% in the 2nd quarter. Glenmede Trust Co. NA now owns 698,254 shares of the construction company’s stock worth $53,193,000 after buying an additional 22,212 shares during the last quarter. 93.19% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on EME. Zacks Investment Research raised shares of Emcor Group from a “hold” rating to a “buy” rating and set a $85.00 price objective on the stock in a research report on Tuesday, July 31st. DA Davidson raised shares of Emcor Group from a “neutral” rating to a “buy” rating and set a $83.00 price objective on the stock in a research report on Thursday, October 25th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Emcor Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $84.67.
Shares of Emcor Group stock opened at $73.67 on Thursday. The company has a current ratio of 1.46, a quick ratio of 1.44 and a debt-to-equity ratio of 0.16. Emcor Group Inc has a 52-week low of $63.81 and a 52-week high of $85.08. The company has a market capitalization of $4.24 billion, a PE ratio of 18.15, a PEG ratio of 1.01 and a beta of 0.99.
Emcor Group (NYSE:EME) last issued its quarterly earnings data on Thursday, October 25th. The construction company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.23 by $0.12. Emcor Group had a net margin of 3.27% and a return on equity of 15.96%. The firm had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $1.95 billion. On average, equities research analysts expect that Emcor Group Inc will post 4.87 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 30th. Shareholders of record on Monday, October 15th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.43%. The ex-dividend date was Friday, October 12th. Emcor Group’s dividend payout ratio is presently 7.88%.
Emcor Group announced that its board has authorized a stock repurchase program on Thursday, October 25th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
Emcor Group Profile
EMCOR Group, Inc provides electrical and mechanical construction, and facilities services in the United States. The company designs, integrates, installs, starts-up, operates, and maintains electric power transmission and distribution systems; premises electrical and lighting systems; process instrumentation in the refining, chemical process, food process, and mining industries; low-voltage, voice and data communications, fire protection, water and wastewater treatment, and controls and filtration systems; roadway and transit lighting and fiber-optic lines; heating, ventilation, air conditioning, refrigeration, and clean-room process ventilation systems; plumbing, processing, and piping systems; and central plant heating and cooling systems, as well as offers cranes and rigging, millwrighting, and steel fabrication, erection, and welding services.
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