Wallace Advisory Group LLC Cuts Holdings in EMCOR Group, Inc. (NYSE:EME)

Wallace Advisory Group LLC decreased its stake in EMCOR Group, Inc. (NYSE:EME) by 39.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 624 shares of the construction company’s stock after selling 414 shares during the period. Wallace Advisory Group LLC’s holdings in EMCOR Group were worth $228,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in EMCOR Group by 27.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 371 shares of the construction company’s stock valued at $135,000 after acquiring an additional 81 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of EMCOR Group by 28.0% during the 2nd quarter. NewEdge Advisors LLC now owns 10,545 shares of the construction company’s stock valued at $3,850,000 after purchasing an additional 2,306 shares during the last quarter. Creative Planning increased its position in shares of EMCOR Group by 12.0% during the 2nd quarter. Creative Planning now owns 9,435 shares of the construction company’s stock valued at $3,445,000 after purchasing an additional 1,012 shares during the last quarter. Ascent Group LLC raised its holdings in shares of EMCOR Group by 43.4% during the 2nd quarter. Ascent Group LLC now owns 1,068 shares of the construction company’s stock valued at $390,000 after buying an additional 323 shares in the last quarter. Finally, Driehaus Capital Management LLC lifted its position in EMCOR Group by 6.3% in the 2nd quarter. Driehaus Capital Management LLC now owns 110,229 shares of the construction company’s stock worth $40,242,000 after buying an additional 6,551 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

EMCOR Group Stock Performance

Shares of EME stock opened at $430.53 on Tuesday. The company has a market capitalization of $20.23 billion, a P/E ratio of 28.40 and a beta of 1.07. EMCOR Group, Inc. has a fifty-two week low of $191.50 and a fifty-two week high of $443.96. The stock has a 50 day moving average price of $379.09 and a two-hundred day moving average price of $370.53.

EMCOR Group (NYSE:EME) last posted its quarterly 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. EMCOR Group had a net margin of 6.01% and a return on equity of 32.73%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.52 billion. During the same period in the prior year, the business posted $2.95 EPS. The firm’s revenue was up 20.4% compared to the same quarter last year. As a group, equities analysts predict that EMCOR Group, Inc. will post 19.5 earnings per share for the current year.

EMCOR Group declared that its Board of Directors has initiated a share buyback plan on Friday, June 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

EMCOR Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 30th. Investors of record on Monday, July 15th were issued a dividend of $0.25 per share. The ex-dividend date was Monday, July 15th. This represents a $1.00 dividend on an annualized basis and a yield of 0.23%. EMCOR Group’s dividend payout ratio is presently 6.60%.

Insider Buying and Selling at EMCOR Group

In other news, Director Robin A. Walker-Lee sold 1,300 shares of EMCOR Group stock in a transaction that occurred 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 sale, the director now directly owns 8,637 shares in the company, valued at approximately $3,202,513.23. The sale was disclosed in a filing with the SEC, which is available through this link. 1.26% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

EME has been the topic of a number of recent research reports. DA Davidson increased their price target on shares of EMCOR Group from $410.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, July 26th. StockNews.com upgraded shares of EMCOR Group from a “buy” rating to a “strong-buy” rating in a research report on Saturday.

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.