EMCOR Group, Inc. (NYSE:EME) Shares Sold by Select Equity Group L.P.

Select Equity Group L.P. lowered its stake in shares of EMCOR Group, Inc. (NYSE:EME) by 14.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,167,140 shares of the construction company’s stock after selling 194,999 shares during the quarter. EMCOR Group makes up about 1.7% of Select Equity Group L.P.’s investment portfolio, making the stock its 20th largest holding. Select Equity Group L.P. owned approximately 2.48% of EMCOR Group worth $426,099,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in EME. Mackenzie Financial Corp increased its stake in EMCOR Group by 80.1% during the second quarter. Mackenzie Financial Corp now owns 5,389 shares of the construction company’s stock valued at $1,967,000 after purchasing an additional 2,396 shares during the last quarter. Millennium Management LLC boosted its stake in EMCOR Group by 10.2% in the second quarter. Millennium Management LLC now owns 215,834 shares of the construction company’s stock valued at $78,797,000 after acquiring an additional 19,982 shares during the period. MBB Public Markets I LLC bought a new position in shares of EMCOR Group during the second quarter valued at approximately $1,227,000. APG Asset Management N.V. acquired a new stake in EMCOR Group in the second quarter worth $1,516,000. Finally, AQR Capital Management LLC boosted its stake in EMCOR Group by 27.5% during the 2nd quarter. AQR Capital Management LLC now owns 412,382 shares of the construction company’s stock valued at $150,553,000 after purchasing an additional 88,909 shares during the period. Institutional investors own 92.59% of the company’s stock.

Analysts Set New Price Targets

EME has been the subject of a number of research analyst reports. DA Davidson upped their price target on shares of EMCOR Group from $410.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. StockNews.com cut shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research note on Friday, September 20th.

EMCOR Group Price Performance

EME stock opened at $429.39 on Friday. The company’s 50 day simple moving average is $377.82 and its 200-day simple moving average is $369.11. The firm has a market capitalization of $20.18 billion, a P/E ratio of 28.32 and a beta of 1.07. EMCOR Group, Inc. has a 52-week low of $191.50 and a 52-week high of $443.96.

EMCOR Group (NYSE:EME) last released its quarterly earnings data on Thursday, July 25th. The construction company reported $5.25 earnings per share (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 analysts’ expectations of $3.52 billion. EMCOR Group had a return on equity of 32.73% and a net margin of 6.01%. The business’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.95 earnings per share. Sell-side analysts predict that EMCOR Group, Inc. will post 19.5 EPS for the current fiscal year.

EMCOR Group Announces Dividend

The firm also recently declared 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 0.23%. The ex-dividend date of this dividend was Monday, July 15th. EMCOR Group’s dividend payout ratio is currently 6.60%.

EMCOR Group declared that its board has initiated a stock repurchase program on Friday, June 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the construction company to reacquire up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at EMCOR Group

In other 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 sale, 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 this hyperlink. Corporate insiders own 1.26% of the company’s stock.

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.