EMCOR Group (NYSE:EME) Stock Rated “Neutral” in New Coverage at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of EMCOR Group (NYSE:EME) in a report released on Tuesday morning, Marketbeat Ratings reports. The firm issued a neutral rating and a $700.00 target price on the construction company’s stock.

A number of other brokerages also recently weighed in on EME. DA Davidson set a $1,047.00 price objective on EMCOR Group in a research report on Monday, August 10th. Cantor Fitzgerald reduced 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 report on Monday, November 2nd. Zacks Research lowered shares of EMCOR Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. UBS Group decreased their price target on shares of EMCOR Group from $1,065.00 to $925.00 and set a “buy” rating for the company in a research report on Wednesday, November 4th. Finally, Oppenheimer lowered their price target on shares of EMCOR Group from $1,200.00 to $1,000.00 and set an “outperform” rating on the stock in a report on Monday, November 2nd. Seven research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $902.88.

EMCOR Group Stock Down 0.6%

Shares of EME stock opened at $662.94 on Tuesday. The firm has a market cap of $29.02 billion, a price-to-earnings ratio of 20.40 and a beta of 1.16. EMCOR Group has a 52-week low of $564.92 and a 52-week high of $951.96. The company’s 50 day moving average is $724.44 and its 200 day moving average is $777.76.

EMCOR Group (NYSE:EME) last posted its earnings results on Thursday, October 29th. The construction company reported $9.60 earnings per share for the quarter, topping analysts’ consensus estimates of $8.37 by $1.23. The company 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 was up 28.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.57 earnings per share. Analysts anticipate that EMCOR Group will post 34.79 EPS for the current fiscal year.

EMCOR Group announced that its Board of Directors has approved a stock repurchase plan on Thursday, October 29th that allows the company to repurchase $500 million in outstanding shares. This buyback authorization allows the construction company to reacquire up to 1.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

EMCOR Group Announces Dividend

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

Institutional Trading of EMCOR Group

A number of institutional investors have recently made changes to their positions in EME. Lifeworks Advisors LLC purchased a new position in shares of EMCOR Group during the 3rd quarter valued at approximately $6,636,000. Meeder Advisory Services Inc. grew its stake in EMCOR Group by 8.4% in the 3rd quarter. Meeder Advisory Services Inc. now owns 1,243 shares of the construction company’s stock valued at $938,000 after acquiring an additional 96 shares during the period. Benjamin Edwards Inc. grew its stake in EMCOR Group by 68.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 5,096 shares of the construction company’s stock valued at $3,845,000 after acquiring an additional 2,077 shares during the period. Cornerstone Select Advisors LLC increased its holdings in EMCOR Group by 30.2% in the 3rd quarter. Cornerstone Select Advisors LLC now owns 2,663 shares of the construction company’s stock worth $2,009,000 after acquiring an additional 617 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. increased its holdings in EMCOR Group by 380.0% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 48 shares of the construction company’s stock worth $36,000 after acquiring an additional 38 shares in the last quarter. Institutional investors and hedge funds own 92.59% of the company’s stock.

About EMCOR Group

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.