Point72 Hong Kong Ltd Acquires Shares of 31,333 EMCOR Group, Inc. (NYSE:EME)

Point72 Hong Kong Ltd purchased a new stake in shares of EMCOR Group, Inc. (NYSE:EME) during the second quarter, Holdings Channel reports. The institutional investor purchased 31,333 shares of the construction company’s stock, valued at approximately $11,439,000.

Other large investors also recently made changes to their positions in the company. Burgundy Asset Management Ltd. raised its position in shares of EMCOR Group by 1.7% in the first quarter. Burgundy Asset Management Ltd. now owns 691,381 shares of the construction company’s stock valued at $242,122,000 after purchasing an additional 11,479 shares during the period. Acadian Asset Management LLC raised its position in EMCOR Group by 34.4% in the 2nd quarter. Acadian Asset Management LLC now owns 526,044 shares of the construction company’s stock worth $192,028,000 after purchasing an additional 134,575 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in EMCOR Group by 20.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 434,523 shares of the construction company’s stock valued at $152,170,000 after purchasing an additional 73,975 shares during the period. Renaissance Technologies LLC boosted its position in shares of EMCOR Group by 99.2% in the 2nd quarter. Renaissance Technologies LLC now owns 233,500 shares of the construction company’s stock worth $85,246,000 after purchasing an additional 116,300 shares during the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in EMCOR Group by 155.5% during the second quarter. Panagora Asset Management Inc. now owns 207,263 shares of the construction company’s stock valued at $75,668,000 after purchasing an additional 126,148 shares during the period. Institutional investors and hedge funds own 92.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. DA Davidson boosted their target price on EMCOR Group from $410.00 to $430.00 and gave the company a “buy” rating in a research note on Friday, July 26th. StockNews.com downgraded shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, September 20th.

Insider Activity

In other EMCOR Group news, Director Robin A. Walker-Lee sold 1,300 shares of the firm’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $370.79, for a total value of $482,027.00. Following the completion of the transaction, the director now directly owns 8,637 shares of the company’s stock, valued at approximately $3,202,513.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.26% of the company’s stock.

EMCOR Group Trading Down 0.4 %

NYSE:EME opened at $433.27 on Wednesday. The stock has a market capitalization of $20.22 billion, a price-to-earnings ratio of 28.58 and a beta of 1.07. EMCOR Group, Inc. has a 12 month low of $191.50 and a 12 month high of $441.89. The firm has a fifty day simple moving average of $375.05 and a two-hundred day simple moving average of $368.22.

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

EMCOR Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Monday, July 15th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Monday, July 15th. EMCOR Group’s dividend payout ratio (DPR) is currently 6.60%.

EMCOR Group announced that its board has authorized a share repurchase plan on Friday, June 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the construction company to buy up to 2.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

About EMCOR Group

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.