EMCOR Group (NYSE:EME) Sets New 52-Week High at $402.91

EMCOR Group, Inc. (NYSE:EME)’s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $402.91 and last traded at $402.60, with a volume of 92540 shares traded. The stock had previously closed at $396.42.

Analysts Set New Price Targets

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

EMCOR Group Stock Down 0.1 %

The firm has a market capitalization of $19.21 billion, a price-to-earnings ratio of 26.97 and a beta of 1.07. The firm’s 50 day moving average is $370.82 and its 200 day moving average is $364.88.

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

EMCOR Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 30th. Shareholders of record on Monday, July 15th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.24%. The ex-dividend date of this dividend was Monday, July 15th. EMCOR Group’s payout ratio is currently 6.60%.

EMCOR Group declared that its Board of Directors has authorized a stock repurchase plan on Friday, June 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the construction company to buy up to 2.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at EMCOR Group

In other EMCOR Group news, Director Robin A. Walker-Lee sold 1,300 shares of the stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $370.79, for a total transaction of $482,027.00. Following the transaction, the director now owns 8,637 shares in the company, valued at $3,202,513.23. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.26% of the company’s stock.

Hedge Funds Weigh In On EMCOR Group

A number of hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of EMCOR Group in the fourth quarter valued at $153,739,000. Burgundy Asset Management Ltd. raised its holdings in EMCOR Group by 1.7% in the 1st quarter. Burgundy Asset Management Ltd. now owns 691,381 shares of the construction company’s stock valued at $242,122,000 after acquiring an additional 11,479 shares during the period. Acadian Asset Management LLC increased its holdings in shares of EMCOR Group by 34.4% during the second 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 period. Allspring Global Investments Holdings LLC boosted its position in shares of 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 worth $152,170,000 after acquiring an additional 73,975 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in shares of EMCOR Group by 27.5% during the second quarter. AQR Capital Management LLC now owns 412,382 shares of the construction company’s stock worth $150,553,000 after buying an additional 88,909 shares during the last quarter. 92.59% of the stock is owned by institutional investors and hedge funds.

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.