BlackRock Inc. increased its holdings in shares of Emcor Group Inc (NYSE:EME) by 3.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,731,040 shares of the construction company’s stock after purchasing an additional 247,310 shares during the quarter. BlackRock Inc. owned 11.69% of Emcor Group worth $505,568,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also bought and sold shares of EME. GSA Capital Partners LLP bought a new position in shares of Emcor Group during the 2nd quarter worth approximately $203,000. Cubist Systematic Strategies LLC grew its stake in shares of Emcor Group by 234.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 3,598 shares of the construction company’s stock worth $274,000 after acquiring an additional 2,522 shares in the last quarter. Itau Unibanco Holding S.A. grew its stake in shares of Emcor Group by 1,843.1% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 3,925 shares of the construction company’s stock worth $299,000 after acquiring an additional 3,723 shares in the last quarter. Raymond James Financial Services Advisors Inc. bought a new position in shares of Emcor Group during the 2nd quarter worth approximately $338,000. Finally, Jane Street Group LLC bought a new position in shares of Emcor Group during the 2nd quarter worth approximately $356,000. 93.05% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently weighed in on EME. DA Davidson raised shares of Emcor Group from a “neutral” rating to a “buy” rating and set a $83.00 price target for the company in a research note on Thursday, October 25th. They noted that the move was a valuation call. ValuEngine cut shares of Emcor Group from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. Finally, Zacks Investment Research cut shares of Emcor Group from a “buy” rating to a “hold” rating in a research note on Wednesday, September 26th.
Shares of EME opened at $66.46 on Friday. The company has a market cap of $3.97 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 0.94 and a beta of 0.97. Emcor Group Inc has a twelve month low of $63.81 and a twelve month high of $85.08. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.46 and a quick ratio of 1.44.
Emcor Group (NYSE:EME) last issued its quarterly earnings results on Thursday, October 25th. The construction company reported $1.35 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.12. The company had revenue of $2.05 billion during the quarter, compared to analysts’ expectations of $1.95 billion. Emcor Group had a net margin of 3.27% and a return on equity of 15.96%. As a group, sell-side analysts expect that Emcor Group Inc will post 4.87 EPS for the current fiscal year.
Emcor Group announced that its board has approved a stock repurchase plan on Thursday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the construction company to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
In other news, Director William P. Reid sold 1,900 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $71.69, for a total value of $136,211.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.20% of the company’s stock.
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About Emcor Group
EMCOR Group, Inc provides electrical and mechanical construction, and facilities services in the United States. The company designs, integrates, installs, starts-up, operates, and maintains electric power transmission and distribution systems; premises electrical and lighting systems; process instrumentation in the refining, chemical process, food process, and mining industries; low-voltage, voice and data communications, fire protection, water and wastewater treatment, and controls and filtration systems; roadway and transit lighting and fiber-optic lines; heating, ventilation, air conditioning, refrigeration, and clean-room process ventilation systems; plumbing, processing, and piping systems; and central plant heating and cooling systems, as well as offers cranes and rigging, millwrighting, and steel fabrication, erection, and welding services.
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