EMCOR Group (NYSE:EME) Price Target Cut to $925.00 by Analysts at UBS Group

Key Points

• UBS cut its EMCOR Group price target to $925 from $1,065 but maintained a Buy rating, implying about 45% upside from the previous close.
• EMCOR shares fell 9.8% to $638.07 on Wednesday. Analysts’ consensus remains “Moderate Buy,” with an average target of $931.86.
• The company beat quarterly earnings and revenue estimates, with revenue up 28.8% year over year, and authorized a $500 million share repurchase program.

EMCOR Group (NYSE:EME - Get Free Report) had its price target cut by analysts at UBS Group from $1,065.00 to $925.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the construction company's stock. UBS Group's price objective would indicate a potential upside of 44.97% from the stock's previous close.

EME has been the topic of a number of other reports. Oppenheimer lowered their target price on EMCOR Group from $1,200.00 to $1,000.00 and set an "outperform" rating on the stock in a report on Monday. The Goldman Sachs Group cut their price target on shares of EMCOR Group from $885.00 to $795.00 and set a "neutral" rating for the company in a report on Tuesday, October 20th. Weiss Ratings lowered shares of EMCOR Group from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, August 27th. DA Davidson set a $1,047.00 price objective on shares of EMCOR Group in a research note on Monday, August 10th. Finally, Cantor Fitzgerald lowered their price objective on shares of EMCOR Group from $1,047.00 to $920.00 and set an "overweight" rating on the stock in a research note on Monday. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, EMCOR Group has a consensus rating of "Moderate Buy" and an average target price of $931.86.

EMCOR Group Trading Down 9.8%

NYSE:EME traded down $69.36 during midday trading on Wednesday, hitting $638.07. 873,534 shares of the stock were exchanged, compared to its average volume of 399,171. The company has a market capitalization of $27.93 billion, a price-to-earnings ratio of 18.43 and a beta of 1.16. EMCOR Group has a one year low of $564.92 and a one year high of $951.96. The business has a 50-day moving average price of $739.61 and a two-hundred day moving average price of $779.84.

EMCOR Group (NYSE:EME - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The construction company reported $9.60 earnings per share (EPS) 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 firm had revenue of $5.54 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same period last year, the company posted $6.57 EPS. The firm's quarterly revenue was up 28.8% on a year-over-year basis. Sell-side analysts forecast that EMCOR Group will post 35.13 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EME. Kestra Investment Management LLC grew its stake in EMCOR Group by 116.5% during the third quarter. Kestra Investment Management LLC now owns 2,479 shares of the construction company's stock worth $1,871,000 after buying an additional 1,334 shares in the last quarter. AlphaCore Capital LLC increased its holdings in EMCOR Group by 26.4% in the 3rd quarter. AlphaCore Capital LLC now owns 1,021 shares of the construction company's stock valued at $770,000 after buying an additional 213 shares during the period. Running Oak Capital LLC raised its position in shares of EMCOR Group by 3.5% in the 3rd quarter. Running Oak Capital LLC now owns 13,320 shares of the construction company's stock valued at $10,050,000 after buying an additional 453 shares in the last quarter. Fulcrum Asset Management LLP acquired a new position in shares of EMCOR Group in the 3rd quarter valued at approximately $57,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of EMCOR Group by 15.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 208,793 shares of the construction company's stock worth $160,568,000 after acquiring an additional 27,869 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

EMCOR Group Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.