Bank of Nova Scotia Sells 29,818 Shares of EMCOR Group, Inc. (NYSE:EME)

Key Points

• Bank of Nova Scotia has significantly reduced its stake in EMCOR Group, lowering its holdings by 97.1% in the first quarter, leaving it with only 902 shares valued at approximately $333,000.
• Several institutional investors have adjusted their positions in EMCOR Group, with notable increases, including a 200% increase by BankPlus Trust Department and new positions taken by Migdal Insurance and Hazlett Burt & Watson.
• Analysts have raised their price targets for EMCOR Group significantly, with updates including a target increase from $503 to $597, reflecting a generally positive outlook for the stock rated as a "Moderate Buy."

Bank of Nova Scotia reduced its position in shares of EMCOR Group, Inc. (NYSE:EME - Free Report) by 97.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 902 shares of the construction company's stock after selling 29,818 shares during the period. Bank of Nova Scotia's holdings in EMCOR Group were worth $333,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in EME. Select Equity Group L.P. raised its holdings in EMCOR Group by 1.6% in the fourth quarter. Select Equity Group L.P. now owns 1,064,003 shares of the construction company's stock valued at $482,951,000 after acquiring an additional 16,563 shares in the last quarter. Northern Trust Corp increased its stake in EMCOR Group by 22.9% during the fourth quarter. Northern Trust Corp now owns 550,883 shares of the construction company's stock valued at $250,046,000 after purchasing an additional 102,738 shares during the last quarter. Pacer Advisors Inc. increased its holdings in shares of EMCOR Group by 3,878.2% in the 1st quarter. Pacer Advisors Inc. now owns 534,585 shares of the construction company's stock worth $197,599,000 after acquiring an additional 521,147 shares during the period. First Trust Advisors LP increased its holdings in shares of EMCOR Group by 35.2% in the 4th quarter. First Trust Advisors LP now owns 496,436 shares of the construction company's stock worth $225,332,000 after acquiring an additional 129,186 shares during the period. Finally, AQR Capital Management LLC increased its holdings in shares of EMCOR Group by 13.6% in the 4th quarter. AQR Capital Management LLC now owns 489,825 shares of the construction company's stock worth $222,332,000 after acquiring an additional 58,483 shares during the period. 92.59% of the stock is owned by institutional investors and hedge funds.

EMCOR Group Trading Down 4.0%

EME stock traded down $25.31 during mid-day trading on Wednesday, reaching $607.27. 141,027 shares of the stock traded hands, compared to its average volume of 488,419. The company has a current ratio of 1.18, a quick ratio of 1.15 and a debt-to-equity ratio of 0.08. EMCOR Group, Inc. has a 52-week low of $320.89 and a 52-week high of $667.64. The company has a market cap of $27.18 billion, a P/E ratio of 25.21 and a beta of 1.27. The stock's fifty day moving average is $548.85 and its 200-day moving average is $461.84.

EMCOR Group (NYSE:EME - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The construction company reported $6.72 EPS for the quarter, beating analysts' consensus estimates of $5.68 by $1.04. The company had revenue of $4.30 billion during the quarter, compared to analyst estimates of $4.10 billion. EMCOR Group had a net margin of 7.07% and a return on equity of 38.01%. The business's quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the prior year, the firm earned $5.25 earnings per share. As a group, sell-side analysts expect that EMCOR Group, Inc. will post 20.74 earnings per share for the current year.

EMCOR Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Tuesday, July 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend was Tuesday, July 15th. EMCOR Group's dividend payout ratio is 4.15%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on EME. Northcoast Research lowered shares of EMCOR Group from a "buy" rating to a "neutral" rating and set a $500.00 target price for the company. in a research report on Thursday, August 7th. The Goldman Sachs Group increased their target price on shares of EMCOR Group from $384.00 to $435.00 and gave the company a "sell" rating in a research report on Tuesday, July 8th. Wall Street Zen upgraded shares of EMCOR Group from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Stifel Nicolaus increased their target price on shares of EMCOR Group from $503.00 to $597.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, UBS Group set a $750.00 price objective on shares of EMCOR Group and gave the company a "buy" rating in a research report on Tuesday, August 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, EMCOR Group presently has an average rating of "Moderate Buy" and an average target price of $594.50.

About EMCOR Group

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.