EMCOR Group, Inc. $EME Stock Position Cut by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its stake in EMCOR Group, Inc. (NYSE:EME) by 8.2% in the third quarter, HoldingsChannel reports. The firm owned 22,706 shares of the construction company’s stock after selling 2,020 shares during the period. Illinois Municipal Retirement Fund’s holdings in EMCOR Group were worth $17,131,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Northbridge Financial Group LLC purchased a new position in shares of EMCOR Group in the 3rd quarter worth $230,000. Knights of Columbus Asset Advisors LLC increased its position in EMCOR Group by 0.4% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 9,314 shares of the construction company’s stock valued at $7,027,000 after acquiring an additional 40 shares during the last quarter. Lido Advisors LLC increased its position in EMCOR Group by 128.1% during the third quarter. Lido Advisors LLC now owns 2,883 shares of the construction company’s stock valued at $2,175,000 after acquiring an additional 1,619 shares during the last quarter. Keybank National Association OH increased its position in EMCOR Group by 3.6% during the third quarter. Keybank National Association OH now owns 1,791 shares of the construction company’s stock valued at $1,351,000 after acquiring an additional 63 shares during the last quarter. Finally, Gen Wealth Partners Inc lifted its holdings in EMCOR Group by 182.9% in the third quarter. Gen Wealth Partners Inc now owns 1,344 shares of the construction company’s stock valued at $1,014,000 after acquiring an additional 869 shares during the period. 92.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on EME shares. Oppenheimer dropped their target price on EMCOR Group from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a research report on Monday, November 2nd. The Goldman Sachs Group reduced their price target on shares of EMCOR Group from $885.00 to $795.00 and set a “neutral” rating for the company in a research report on Tuesday, October 20th. UBS Group lowered their price objective on shares of EMCOR Group from $1,065.00 to $925.00 and set a “buy” rating on the stock in a research note on Wednesday, November 4th. Zacks Research downgraded shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Finally, Cantor Fitzgerald cut their target price on shares of EMCOR Group from $1,047.00 to $920.00 and set an “overweight” rating for the company in a research report on Monday, November 2nd. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, EMCOR Group presently has an average rating of “Moderate Buy” and an average price target of $902.88.

EMCOR Group Stock Performance

Shares of EMCOR Group stock opened at $666.66 on Thursday. EMCOR Group, Inc. has a one year low of $564.92 and a one year high of $951.96. The stock’s fifty day moving average is $725.87 and its 200 day moving average is $777.99. The stock has a market cap of $29.19 billion, a P/E ratio of 19.26 and a beta of 1.16.

EMCOR Group (NYSE:EME) last released its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.37 by $1.23. The business had revenue of $5.54 billion during the quarter, compared to analyst estimates of $5.19 billion. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. EMCOR Group’s revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $6.57 earnings per share. Analysts predict that EMCOR Group, Inc. will post 34.79 EPS for the current year.

EMCOR Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Thursday, October 15th. EMCOR Group’s payout ratio is presently 4.62%.

EMCOR Group declared that its Board of Directors has initiated a share buyback plan on Thursday, October 29th that authorizes the company to repurchase $500 million in shares. This buyback authorization authorizes the construction company to buy up to 1.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

EMCOR Group Company Profile

EMCOR Group is a provider of mechanical and electrical construction and facilities services. Through its operating companies, it designs, installs, maintains and upgrades building systems and related infrastructure for commercial, industrial, institutional and government customers. Its services include heating, ventilation and air conditioning; electrical and power systems; plumbing and piping; building automation; energy infrastructure; and ongoing facilities management. The company also provides industrial services, such as maintenance and support for process and manufacturing facilities.