EMCOR Group, Inc. (NYSE:EME) is Kayne Anderson Rudnick Investment Management LLC’s Largest Position

Kayne Anderson Rudnick Investment Management LLC lowered its stake in shares of EMCOR Group, Inc. (NYSE:EME) by 10.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,663,747 shares of the construction company’s stock after selling 322,482 shares during the quarter. EMCOR Group accounts for 2.4% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its biggest position. Kayne Anderson Rudnick Investment Management LLC owned 0.06% of EMCOR Group worth $972,481,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Avantax Advisory Services Inc. purchased a new stake in EMCOR Group in the fourth quarter worth approximately $219,000. Janney Montgomery Scott LLC grew its holdings 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 purchasing an additional 85 shares during the last quarter. Norges Bank purchased a new position in EMCOR Group in the 4th quarter worth $153,739,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in EMCOR Group in the fourth quarter worth $441,000. Finally, Corient Private Wealth LLC boosted its position in EMCOR Group by 449.5% during the fourth quarter. Corient Private Wealth LLC now owns 10,511 shares of the construction company’s stock valued at $2,264,000 after buying an additional 8,598 shares during the period. 92.59% of the stock is owned by institutional investors.

EMCOR Group Stock Up 1.3 %

Shares of EMCOR Group stock opened at $435.69 on Friday. The company’s fifty day simple moving average is $373.10 and its two-hundred day simple moving average is $366.11. EMCOR Group, Inc. has a 12-month low of $191.50 and a 12-month high of $437.10. The firm has a market cap of $20.48 billion, a PE ratio of 28.74 and a beta of 1.07.

EMCOR Group (NYSE:EME) last posted its earnings results on Thursday, July 25th. The construction company reported $5.25 earnings per share for the quarter, topping 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 earnings per share. EMCOR Group’s revenue for the quarter was up 20.4% on a year-over-year basis. As a group, sell-side analysts expect that EMCOR Group, Inc. will post 19.5 earnings per share for the current fiscal year.

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

EMCOR Group Announces Dividend

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

Insider Buying and Selling

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. StockNews.com lowered EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday. DA Davidson boosted their price objective on EMCOR Group from $410.00 to $430.00 and gave the company a “buy” rating in a research report on Friday, July 26th.

EMCOR Group 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.