Lord Abbett & CO. LLC lessened its stake in shares of EMCOR Group, Inc. (NYSE:EME - Free Report) by 7.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 511,361 shares of the construction company's stock after selling 39,426 shares during the quarter. EMCOR Group makes up about 0.7% of Lord Abbett & CO. LLC's portfolio, making the stock its 28th biggest position. Lord Abbett & CO. LLC owned approximately 1.11% of EMCOR Group worth $232,107,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also made changes to their positions in the company. Hancock Whitney Corp boosted its position in shares of EMCOR Group by 2.2% in the 4th quarter. Hancock Whitney Corp now owns 58,637 shares of the construction company's stock worth $26,615,000 after purchasing an additional 1,267 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of EMCOR Group by 21.7% during the fourth quarter. Voya Investment Management LLC now owns 26,620 shares of the construction company's stock worth $12,083,000 after acquiring an additional 4,749 shares during the last quarter. Pinebridge Investments L.P. increased its holdings in shares of EMCOR Group by 136.0% during the fourth quarter. Pinebridge Investments L.P. now owns 24,019 shares of the construction company's stock valued at $10,902,000 after acquiring an additional 13,840 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of EMCOR Group in the 4th quarter valued at approximately $978,000. Finally, Harvest Investment Services LLC boosted its stake in EMCOR Group by 45.3% in the 4th quarter. Harvest Investment Services LLC now owns 5,549 shares of the construction company's stock worth $2,519,000 after purchasing an additional 1,730 shares in the last quarter. 92.59% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on EME. Stifel Nicolaus cut their price target on shares of EMCOR Group from $600.00 to $514.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. StockNews.com lowered EMCOR Group from a "strong-buy" rating to a "buy" rating in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, EMCOR Group currently has an average rating of "Moderate Buy" and an average price target of $497.25.
Check Out Our Latest Report on EME
Insiders Place Their Bets
In related news, CAO Maxine Lum Mauricio sold 1,250 shares of the business's stock in a transaction on 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 owns 27,642 shares of the company's stock, valued at approximately $10,229,474.94. The trade was a 4.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.26% of the company's stock.
EMCOR Group Stock Down 4.8 %
Shares of EME stock traded down $19.82 on Wednesday, hitting $393.20. The company had a trading volume of 455,499 shares, compared to its average volume of 461,970. EMCOR Group, Inc. has a twelve month low of $319.49 and a twelve month high of $545.30. The firm has a market cap of $17.72 billion, a P/E ratio of 19.97 and a beta of 1.08. The company has a 50-day moving average price of $385.43 and a 200-day moving average price of $443.39.
EMCOR Group (NYSE:EME - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The construction company reported $5.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.57 by $0.84. EMCOR Group had a return on equity of 34.99% and a net margin of 6.51%. EMCOR Group's quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $4.17 earnings per share. Equities research analysts expect that EMCOR Group, Inc. will post 20.74 EPS for the current year.
EMCOR Group Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 17th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, April 17th. This represents a $1.00 annualized dividend and a yield of 0.25%. EMCOR Group's dividend payout ratio is presently 4.64%.
EMCOR Group declared that its board has authorized a stock repurchase program on Wednesday, February 26th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the construction company to reacquire up to 2.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.
EMCOR Group Profile
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Free Report)
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.
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