Covestor Ltd Sells 44 Shares of EMCOR Group, Inc. (NYSE:EME)

Covestor Ltd lessened its position in shares of EMCOR Group, Inc. (NYSE:EME) by 8.1% in the 4th quarter, HoldingsChannel reports. The fund owned 501 shares of the construction company’s stock after selling 44 shares during the period. Covestor Ltd’s holdings in EMCOR Group were worth $228,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Invesco Ltd. raised its stake in EMCOR Group by 28.0% in the 4th quarter. Invesco Ltd. now owns 1,318,494 shares of the construction company’s stock worth $598,465,000 after acquiring an additional 288,765 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of EMCOR Group by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 1,022,170 shares of the construction company’s stock worth $463,320,000 after purchasing an additional 25,502 shares during the period. Norges Bank acquired a new position in EMCOR Group in the 4th quarter worth approximately $299,855,000. Allspring Global Investments Holdings LLC grew its stake in shares of EMCOR Group by 21.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 429,623 shares of the construction company’s stock worth $196,500,000 after purchasing an additional 75,578 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of EMCOR Group by 11.1% in the fourth quarter. JPMorgan Chase & Co. now owns 270,348 shares of the construction company’s stock valued at $122,711,000 after buying an additional 27,068 shares during the last quarter. Hedge funds and other institutional investors own 92.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Stifel Nicolaus reduced their price objective on EMCOR Group from $600.00 to $514.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. StockNews.com cut shares of EMCOR Group from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, February 25th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $497.25.

Insiders Place Their Bets

In other news, CAO Maxine Lum Mauricio sold 1,250 shares of the company’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $370.07, for a total value of $462,587.50. Following the completion of the sale, the chief accounting officer now directly owns 27,642 shares of the company’s stock, valued at approximately $10,229,474.94. This represents a 4.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.26% of the stock is currently owned by company insiders.

EMCOR Group Price Performance

Shares of NYSE:EME traded down $7.00 during mid-day trading on Thursday, reaching $384.00. 75,441 shares of the company were exchanged, compared to its average volume of 463,068. The firm has a market cap of $17.46 billion, a price-to-earnings ratio of 19.50 and a beta of 1.08. EMCOR Group, Inc. has a 1 year low of $319.49 and a 1 year high of $545.30. The firm’s 50-day simple moving average is $400.70 and its 200 day simple moving average is $448.02.

EMCOR Group (NYSE:EME) last posted its earnings results on Wednesday, February 26th. The construction company reported $6.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.53 by $0.79. The firm had revenue of $3.77 billion for the quarter, compared to analyst estimates of $3.81 billion. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. On average, research analysts forecast that EMCOR Group, Inc. will post 20.74 earnings per share for the current fiscal year.

EMCOR Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 17th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, April 17th. This represents a $1.00 annualized dividend and a yield of 0.26%. EMCOR Group’s dividend payout ratio (DPR) is 4.64%.

EMCOR Group announced that its board has approved a stock repurchase program on Wednesday, February 26th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the construction company to repurchase up to 2.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

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.