EMCOR Group (NYSE:EME) Coverage Initiated by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of EMCOR with a Neutral rating and a $700 price target, implying 7.28% upside from the share price cited in the report.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy and three Hold, producing a Moderate Buy consensus and an average price target of $902.88.
• EMCOR beat quarterly earnings and revenue estimates, with EPS of $9.60 and revenue of $5.54 billion, up 28.8% year over year. The board also authorized a $500 million share repurchase program.

Investment analysts at JPMorgan Chase & Co. started coverage on shares of EMCOR Group (NYSE:EME - Get Free Report) in a research report issued on Tuesday, Briefing.com reports. The firm set a "neutral" rating and a $700.00 price target on the construction company's stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 7.28% from the company's current price.

A number of other analysts also recently weighed in on the company. Robert W. Baird lifted their price target on EMCOR Group from $900.00 to $918.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. DA Davidson set a $1,047.00 price objective on EMCOR Group in a research report on Monday, August 10th. Zacks Research downgraded EMCOR Group from a "strong-buy" rating to a "hold" rating in a report on Monday, October 19th. The Goldman Sachs Group decreased their target price on shares of EMCOR Group from $885.00 to $795.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 20th. Finally, Weiss Ratings cut shares of EMCOR Group from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 27th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $902.88.

EMCOR Group Stock Up 7.2%

Shares of NYSE:EME opened at $652.52 on Tuesday. The company has a market cap of $28.57 billion, a P/E ratio of 19.56 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 has a 50-day moving average price of $729.05 and a 200 day moving average price of $778.42.

EMCOR Group (NYSE:EME - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The construction company reported $9.60 earnings per share for the quarter, beating analysts' consensus estimates of $8.37 by $1.23. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The company had revenue of $5.54 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the previous year, the company earned $6.57 EPS. The firm's revenue for the quarter was up 28.8% compared to the same quarter last year. Analysts expect that EMCOR Group will post 34.79 EPS for the current year.

EMCOR Group announced that its board has authorized a share repurchase program on Thursday, October 29th that permits the company to buy back $500 million in outstanding shares. This repurchase authorization permits the construction company to buy up to 1.7% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On EMCOR Group

Several hedge funds and other institutional investors have recently bought and sold shares of EME. NBH Bank purchased a new position in shares of EMCOR Group in the second quarter valued at $27,000. Mascoma Wealth Management LLC acquired a new position in shares of EMCOR Group during the 3rd quarter worth $26,000. Ascentis Independent Advisors acquired a new position in shares of EMCOR Group during the 1st quarter worth $27,000. GK Wealth Management LLC purchased a new stake in shares of EMCOR Group in the 3rd quarter worth about $31,000. Finally, Clearstead Trust LLC purchased a new stake in shares of EMCOR Group in the 2nd quarter worth about $38,000. 92.59% of the stock is owned by institutional investors and hedge funds.

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.

EMCOR serves customers across the United States and in select international markets, including the United Kingdom.

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