EMCOR Group (NYSE:EME) Given New $920.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald lowered EMCOR Group’s price target to $920 from $1,047 while maintaining an “overweight” rating, implying 35.88% upside from the previous close.
• Analyst sentiment remains positive overall, with seven Buy ratings and two Holds producing a “Moderate Buy” consensus and an average target price of $980.43.
• EMCOR reported better-than-expected quarterly results, including $9.60 EPS and $5.54 billion in revenue, while also authorizing a $500 million share buyback.

EMCOR Group (NYSE:EME - Get Free Report) had its price objective decreased by stock analysts at Cantor Fitzgerald from $1,047.00 to $920.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the construction company's stock. Cantor Fitzgerald's price objective indicates a potential upside of 35.88% from the stock's previous close.

A number of other research analysts also recently weighed in on EME. Zacks Research downgraded EMCOR Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 19th. Oppenheimer lifted their price target on shares of EMCOR Group from $1,100.00 to $1,200.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. UBS Group restated a "buy" rating and set a $1,065.00 price target (up from $975.00) on shares of EMCOR Group in a report on Friday, October 9th. Weiss Ratings downgraded shares of EMCOR Group from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 27th. Finally, DA Davidson set a $1,047.00 target price on EMCOR Group in a research note on Monday, August 10th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, EMCOR Group has an average rating of "Moderate Buy" and a consensus target price of $980.43.

EMCOR Group Price Performance

EMCOR Group stock opened at $677.08 on Monday. EMCOR Group has a fifty-two week low of $564.92 and a fifty-two week high of $951.96. The firm's 50 day simple moving average is $742.75 and its 200-day simple moving average is $779.57. The company has a market cap of $29.64 billion, a P/E ratio of 19.56 and a beta of 1.16.

EMCOR Group (NYSE:EME - Get Free Report) last released its earnings results on Thursday, October 29th. The construction company reported $9.60 earnings per share for the quarter, beating the consensus estimate of $8.37 by $1.23. The company had revenue of $5.54 billion for the quarter, compared to analysts' expectations of $5.19 billion. EMCOR Group had a return on equity of 36.65% and a net margin of 7.78%. The business's revenue for the quarter was up 28.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.57 EPS. On average, analysts expect that EMCOR Group will post 35.00 EPS for the current fiscal year.

EMCOR Group declared that its Board of Directors has initiated a stock buyback program on Thursday, October 29th that authorizes the company to buy back $500 million in outstanding shares. This buyback authorization authorizes the construction company to buy up to 1.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Institutional Investors Weigh In On EMCOR Group

A number of institutional investors and hedge funds have recently made changes to their positions in the company. NewEdge Advisors LLC raised its stake in EMCOR Group by 13.3% during the second quarter. NewEdge Advisors LLC now owns 17,873 shares of the construction company's stock worth $14,833,000 after acquiring an additional 2,099 shares in the last quarter. Nykredit A S acquired a new stake in shares of EMCOR Group in the 2nd quarter valued at approximately $18,443,000. Summit Global Investments acquired a new stake in shares of EMCOR Group in the 2nd quarter valued at approximately $3,791,000. Sapient Capital LLC bought a new stake in shares of EMCOR Group during the 2nd quarter valued at approximately $5,962,000. Finally, Value Aligned Research Advisors LLC grew its holdings in shares of EMCOR Group by 56.6% during the 2nd quarter. Value Aligned Research Advisors LLC now owns 349,960 shares of the construction company's stock valued at $290,425,000 after purchasing an additional 126,439 shares during the last quarter. Institutional investors own 92.59% of the company's stock.

About EMCOR Group

EMCOR Group, Inc provides construction, engineering, and building services through a network of specialty contracting businesses. Its core activities include electrical and mechanical construction, energy infrastructure, building systems, facilities services, and industrial maintenance. The company serves commercial, institutional, industrial, manufacturing, healthcare, education, government, and infrastructure customers.

Its services cover the design, installation, operation, maintenance, and upgrading of electrical, heating, ventilation, air-conditioning, plumbing, fire protection, and building automation systems.

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