State of New Jersey Common Pension Fund D Lowers Holdings in EMCOR Group, Inc. (NYSE:EME)

State of New Jersey Common Pension Fund D cut its holdings in EMCOR Group, Inc. (NYSE:EME) by 32.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,122 shares of the construction company’s stock after selling 8,196 shares during the period. State of New Jersey Common Pension Fund D’s holdings in EMCOR Group were worth $6,251,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in EME. QRG Capital Management Inc. lifted its holdings in EMCOR Group by 7.1% in the 4th quarter. QRG Capital Management Inc. now owns 2,259 shares of the construction company’s stock worth $487,000 after purchasing an additional 149 shares in the last quarter. Avantax Advisory Services Inc. purchased a new stake in shares of EMCOR Group during the 4th quarter worth approximately $219,000. Janney Montgomery Scott LLC boosted its position in shares of EMCOR Group by 1.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 7,158 shares of the construction company’s stock valued at $1,542,000 after acquiring an additional 85 shares during the last quarter. ING Groep NV boosted its position in shares of EMCOR Group by 156.8% during the 4th quarter. ING Groep NV now owns 19,000 shares of the construction company’s stock valued at $4,093,000 after acquiring an additional 11,600 shares during the last quarter. Finally, Norges Bank bought a new position in shares of EMCOR Group during the 4th quarter valued at approximately $153,739,000. 92.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, DA Davidson increased their target price on EMCOR Group from $410.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, July 26th.

Insider Buying and Selling

In related news, Director Robin A. Walker-Lee sold 1,300 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $370.79, for a total value of $482,027.00. Following the completion of the sale, the director now directly owns 8,637 shares in the company, valued at $3,202,513.23. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.26% of the stock is owned by corporate insiders.

EMCOR Group Stock Performance

NYSE EME opened at $396.42 on Monday. The company has a market capitalization of $18.63 billion, a P/E ratio of 26.15 and a beta of 1.07. EMCOR Group, Inc. has a one year low of $191.50 and a one year high of $401.98. The stock has a 50 day moving average price of $368.41 and a 200-day moving average price of $363.31.

EMCOR Group (NYSE:EME) last posted its earnings results on Thursday, July 25th. The construction company reported $5.25 EPS for the quarter, beating analysts’ consensus estimates of $3.76 by $1.49. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.52 billion. EMCOR Group had a return on equity of 32.73% and a net margin of 6.01%. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the prior year, the company earned $2.95 EPS. As a group, equities analysts predict that EMCOR Group, Inc. will post 19.5 EPS for the current fiscal year.

EMCOR Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Monday, July 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $1.00 dividend on an annualized basis and a yield of 0.25%. EMCOR Group’s dividend payout ratio is presently 6.60%.

EMCOR Group announced that its Board of Directors has initiated a share repurchase program on Friday, June 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the construction company to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

EMCOR Group Company Profile

EMCOR Group, Inc provides construction and facilities, building, and industrial services in the United States and the United Kingdom. It offers design, integration, installation, start-up, operation, and maintenance services related to power transmission, distribution, and generation systems; energy solutions; premises electrical and lighting systems; process instrumentation; low-voltage systems; voice and data communications systems; roadway and transit lighting, signaling, and fiber optic lines; computerized traffic control systems, and signal and communication equipment; heating, ventilation, air conditioning, refrigeration, and geothermal solutions; clean-room process ventilation systems; fire protection and suppression systems; plumbing, process, and high-purity piping systems; controls and filtration systems; water and wastewater treatment systems; central plant heating and cooling systems; crane and rigging services; millwright services; and steel fabrication, erection, and welding services.