EMCOR Group, Inc. $EME Position Lifted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its EMCOR stake by 15.4% in the third quarter, adding 27,869 shares to reach 208,793 shares valued at about $160.6 million. Institutional investors collectively own 92.59% of the company.
• EMCOR reported quarterly EPS of $9.60, beating the $8.37 analyst consensus, while revenue of $5.54 billion topped expectations and rose 28.8% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $931.86. The company also authorized a $500 million share repurchase plan, covering up to 1.7% of its shares.

Allspring Global Investments Holdings LLC grew its stake in EMCOR Group, Inc. (NYSE:EME - Free Report) by 15.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,793 shares of the construction company's stock after buying an additional 27,869 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.48% of EMCOR Group worth $160,568,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. NBH Bank purchased a new position in EMCOR Group in the second quarter worth $27,000. Mascoma Wealth Management LLC bought a new position in EMCOR Group in the third quarter valued at $26,000. Ascentis Independent Advisors bought a new position in EMCOR Group in the first quarter valued at $27,000. GK Wealth Management LLC purchased a new stake in EMCOR Group during the third quarter valued at about $31,000. Finally, Clearstead Trust LLC purchased a new stake in EMCOR Group during the second quarter valued at about $38,000. Institutional investors own 92.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Oppenheimer dropped their price target on EMCOR Group from $1,200.00 to $1,000.00 and set an "outperform" rating for the company in a research note on Monday, November 2nd. UBS Group reduced their price objective on EMCOR Group from $1,065.00 to $925.00 and set a "buy" rating on the stock in a research report on Wednesday, November 4th. The Goldman Sachs Group decreased their price objective on EMCOR Group from $885.00 to $795.00 and set a "neutral" rating on the stock in a report on Tuesday, October 20th. Weiss Ratings cut 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 report on Monday, August 10th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $931.86.

EMCOR Group Stock Down 0.2%

Shares of NYSE:EME opened at $607.39 on Monday. The stock has a market cap of $26.59 billion, a PE ratio of 17.54 and a beta of 1.16. The company's fifty day moving average is $730.82 and its 200 day moving average is $778.70. EMCOR Group, Inc. has a 52 week low of $564.92 and a 52 week high of $951.96.

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 (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 for the quarter, compared to analysts' expectations of $5.19 billion. During the same period last year, the firm earned $6.57 earnings per share. The company's revenue for the quarter was up 28.8% compared to the same quarter last year. Sell-side analysts anticipate that EMCOR Group, Inc. will post 34.79 EPS for the current year.

EMCOR Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 30th. Shareholders of record on Thursday, October 15th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Thursday, October 15th. EMCOR Group's payout ratio is 4.62%.

EMCOR Group announced that its Board of Directors has authorized a stock buyback plan on Thursday, October 29th that authorizes the company to repurchase $500 million in outstanding shares. This repurchase authorization authorizes the construction company to purchase up to 1.7% of its shares through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

EMCOR Group Company Profile

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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